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MOSCOW, Jan 10 (Reuters) - Russian oil major Rosneft has concluded a deal with a company linked to Qatarand commodities trader Glencore to supply up to 55 milliontonnes of crude in total over a 5-year period, Rosneft said in astatement on Tuesday.
The agreement follows the acquisition of a 19.5 percentstake in Rosneft by Qatar Investment Authority (QIA) fund andGlencore last month for around 710 billion roubles($11.8 billion).
Under the terms of the acquisition, Glencore had said itwould conclude a five-year supply agreement with Rosneft givingit an extra 220,000 barrels a day to trade.
The supply deal announced on Tuesday was between Rosneft andQHG Trading LLP. A Rosneft representative said the firm is aGlencore subsidiary. It is registered at the same address asGlencore's London office. Regulatory filings list companyofficers as Glencore Energy UK Ltd and Qatar Holding LLC, a unitof the Qatar Investment Authority.
Rosneft said in a statement on Tuesday that it may supplyQHG Trading with between 4.5 million tonnes and 11 milliontonnes of oil per year with the price being set according to aformula pegged to global oil prices.
Currently, Rosneft's largest buyer of oil is Swisscommodities trader Trafigura with estimated annual purchasingvolumes of around 20 million tonnes, equal to the entire annualoutput of two large refineries or enough to meet the consumptionof a country such as Spain for half a year.
($1 = 59.9770 roubles) (Reporting by Vladimir Soldatkin; Editing by Christian Lowe)