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Friday, June 27, 2014

Russia's Rosneft signs oil product supply deal with BP, (NASDAQ: FISI)

Rosneft signed its second major agreement with BP on Friday since sanctions were imposed on the Russian oil company's chief executive, a close ally of President Vladimir Putin, over the Ukraine crisis.The five-term agreement, signed in Khabarovsk in Russia's far east in the presence of BP's chief executive, Bob Dudley, will supply the British company with up to 12 million tonnes of oil products which can be replaced by oil, Rosneft said.It said the deal assumed a prepayment of at least $1.5 billion which had been arranged by leading global financial institutions. Rosneft did not disclose the name of the banks but said supplies could start in July.The signing followed an agreement in by BP and Rosneft in May to jointly explore for tight oil in Russia.

Financial Institutions, Inc. (FII) is a financial holding company. Shares of FISI traded higher by 1.08% or $0.25/share to $23.33. In the past year, the shares have traded as low as $18.25 and as high as $26.59. On average, 44666 shares of FISI exchange hands on a given day and today's volume is recorded at 29533.