Rosneft and EVRAZ signed agreement on natural gas supply

Itera Oil and Gas Company, a Rosneft subsidiary, has announced it has signed long-term contracts on natural gas supply with leading industrial companies of Sverdlovsk Region: Nizhny Tagil Metallurgical Plant (EVRAZ NTMK) and Kachkanarsky Ore Mining and Processing Plant (EVRAZ KGOK), both EVRAZ Group companies.

The agreements were signed during a working visit of Chairman of Rosneft Management Board Igor Sechin to Yekaterinburg.

The signed agreements are for supplies of natural gas in a volume around 14 billion m³ of gas to the companies of EVRAZ Group, effective from 1 January 2016. The agreements are to last for 10 years.

Commenting on the signed documents, Rosneft’s Board Chairman, Igor Sechin, said: “Rosneft is one of Russia’s largest independent gas producers. The company’s resource base enables us to increase gas production steadily. New agreements with EVRAZ guarantee long-term monetization of crude materials produced by Rosneft subsidiaries.”

EVRAZ President, Alexander Frolov, added: “Agreement with Rosneft will provide sustainable guaranteed supplies of natural gas to our enterprises in Sverdlovsk Region, which is especially important given the volatility at the steel markets”.

Edited from press release by Angharad Lock

Read the article online at: https://www.hydrocarbonengineering.com/gas-processing/25112015/rosneft-and-evraz-signed-agreement-on-natural-gas-supply-1686/