Last checked at 
LONDON (Alliance News) - OAO Rosneft on Friday signed its second agreement with BP PLC since sanctions were imposed on the Russian oil company's chief executive over the crisis in Ukraine, a five-year deal to supply BP with oil products or oil.
In a statement, the Russian company said it will supply BP with up to 12 million tonnes of oil products, which can be substituted with oil. Deliveries will start by July.
The deal assumes a pre-payment of at least USD1.5 billion through a loan arranged by banks, Rosneft said. It didn't name the banks.
"This transaction opens up new opportunities for both companies: it provides BP with stable supply chain and guaranteed quality of oil products and allows Rosneft to support high profitability of its sales activities and acquire additional financial resources in accordance with the referential nature of such deals," Sechin said in a statement.
Rosneft CEO Igor Sechin is a close ally of Russian President Vladimir Putin, and was included on a US sanctions list in April as an individual over the Ukraine crisis. The sanctions don't cover business with Rosneft, but put a visa ban and asset freeze on the individuals included on the list.
BP and Rosneft in May signed a deal to jointly explore for tight oil in Russia.
BP shares were up 0.5% at 518 pence early Friday.
By Steve McGrath; stevemcgrath@alliancenews.com; @SteveMcGrath1
Copyright 2014 Alliance News Limited. All Rights Reserved.
