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Rosneft Marine UK Ltd., a subsidiary of Russian state-owned oil company OJSC Rosneft, has appointed Petroleum and Oil International (POINT) as its exclusive fuel oil broker for South East Asia and the Far East of Russia.

The new brokerage agreement means POINT will act on behalf of Rosneft Marine in these regions and is part of Rosneft's global marketing strategy for its bunkering business.

Headquartered in Singapore, POINT specialises in providing fuel oil brokerage services and has extensive experience and expertise in Asia and the Commonwealth of Independent States (CIS).

Vladimir Brezhnev, Director of Rosneft Marine UK, said he was very pleased to be entering into the partnership with POINT.

"Asia is a growing focus for Rosneft and we believe this arrangement improves our fuel oil trading ability in the international market and provides greater support to our customers in Asia and the Far East of Russia," Brezhnev said.

“POINT was carefully selected as a partner as they have the level of expertise that we feel is necessary to provide our customers with the service that they expect,” Mr Brezhnev added.

Mislav Bobic, Director of POINT, said: "POINT is well positioned to trade Rosneft fuel oil with our major trading office in Singapore. Our global network of contacts, close relationships and knowledge of the bunkering market in Asia and in the CIS gives us a very strong base from which to trade Rosneft fuel oil products and maximise value for them."

"There is no doubt Rosneft Marine is a respected brand in the marketplace and its high quality bunker fuel will continue to be attractive to ship owners and operators in Asia and Far East of Russia," Mr Bobic concluded.

Rosneft started its bunkering business in 2007 with the establishment of RN-Bunker. Rosneft Marine was later set up to take charge of trading operations and sales while RN-Bunker was tasked with managing the operational aspect of the business.

Since its inception, the company has recorded steady growth, selling a record 2 million metric tonnes in 2010 - a 70 percent increase from 2009.