VETEK Group of Companies Signed a Contract with the Leading International Traders, Vitol and Trafigura, for the Supply of Odessa Oil Refinery Products

Jan 23, 2014, 08:55 ET from VETEK GC

KYIV, Ukraine, January 23, 2014 /PRNewswire/ --

VETEK Group of Companies signed a long-term contract with Vitol to supply vacuum gasoil produced by the Odessa Oil Refinery.

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Also, VETEK Group of Companies signed a long-term contract with Trafigura for the supply of high-sulfur fuel oil produced by the Odessa Oil Refinery.

The main type of crude oil used by the Odessa Refinery is the Urals one, which is shipped from Sheskharis terminal, from the port of Novorossiysk.

Deals with crude oil are done in cooperation with trade financing from the Russian bank VTB.

In the nearest future, the Odessa Oil Refinery will increase the level of processing and, as a result, the volume of crude oil purchases.

Additional information

The Founder of the VETEK Group of Companies and the Chairman of VETEK Supervisory Board is Mr. Sergey Kurchenko.

VETEK GC strategy is focused on investment in projects with high growth potential in Ukraine, CIS and Europe, as well as development of socially important projects in Ukraine, including restoration of the refining sector. The consolidation of energy assets and operations under VETEK brand started in 2013.

VETEK's strategy is to create a vertically integrated company, which will include oil exploration, refining and product sales with the aim of taking a leading position in the Ukrainian market, as well as expanding trade operations in the Black Sea region.

VETEK runs its processing and refinery operations through PJSC Odessa Oil Refinery Plant, which capacity reaches up to 2,5 mln tons per year and a product portfolio includes Euro-4 and Euro-5 grade gasoil, VGO, fuel oil, jet oil and bitumen.

Supply and trading operations are run by the Swiss trading companies: VETEK Trading SA, VETEK Gas Trading and Supply SA. The Ukrainian domestic sales operations are run through VETEK Trading House. The retail operations are principally conducted by VETEK Nefteproduct LLC. The retail operations in Germany will be represented by Sparchwein Gas (Germany).

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