PetroNeft Resources plc announced that on 21st September a contract was signed to start exporting oil from Licence 61. Commencing 1st October, export oil will be transported to Kozmino port, which is the major Russian oil export terminal servicing Asia Pacific markets, located close to Vladivostok. The oil will be priced with reference to Dubai Oil price, which is intrinsically of a higher quality than Urals, the main Russian crude exported to European markets, and is therefore priced with reference to oil in Asian markets, which are typically higher than Europe. Initially PetroNeft will export between 25%-30% of its production from Licence 61, however PetroNeft has the right to increase or decrease this volume, on a monthly basis, depending on market conditions.