Singapore's Tanstarr Group signs jet fuel term with Gazprom unit

SINGAPORE - Singapore-based oil and commodities trader Tanstarr Group has signed a long-term contract with a subsidiary of Russia's Gazprom Neft to distribute 320,000 tonnes of jet fuel globally, the company said on Monday.

It has secured the contract with JSC Gazpromneft-Aero, the aviation fuel operating arm of state-owned Gazprom Neft, for US$300 million (S$418.65 million) worth of jet fuel from October 2015 to December 2016.

Tanstarr moved its global headquarters from Hong Kong to Singapore last year and delivers crude and oil products from producers in West Africa, Russia and the United States to customers in the United States, Central America, Europe, the Far East and South Asia.

The company is currently in negotiations in Russia and the Baltics for ultra low sulphur diesel and fuel oil supply, a company official said, declining to comment on specifics.