Rosneft signs new agreements with EGAS and EGPC

Chairman of the Rosneft Management Board, Igor Sechin, and the General Director of Egyptian General Petroleum Corporation (EGPC), Tarek El-Molla, have signed a Term Sheet for prospective supplies of oil products and liquefied petroleum gas (LPG). Rosneft has been an accredited supplier of the state owned EGPC since the beginning of 2015, and participates in all tenders for spot supplies of oil products and LPG.

The document, signed in continuation of agreements reached at the St. Petersburg International Economic Forum, defines the key terms of cooperation between the companies in the area of oil products and LPG supplies. Rosneft and EGPC expect binding agreements based on the agreed Term Sheet to be signed within the third quarter of 2015.

The agreement will allow Rosneft to significantly expand its cooperation with Egypt and EGPC, as well as strengthen the company’s position as a supplier of oil products and LPG in Northern Africa. Moreover, the partnership with EGPC will boost Rosneft’s trading potential both on a regional and global scale.

In addition, Igor Sechin has also signed a Term Sheet with Khaled Abd El Badee, Chairman of Egyptian Natural Gas Holding Company (EGAS), for the supply of LNG. The document defines the key terms of future cooperation between the companies in the area of LNG supplies. The agreement will allow Rosneft to access the high growth potential of the Egyptian gas market and deepen cooperation between the two companies. In addition, the cooperation with EGAS will allow Rosneft to strengthen its position in the global LNG trading market.

Adapted from press release by Rosalie Starling

Read the article online at: https://www.hydrocarbonengineering.com/refining/08072015/rosneft-signs-new-agreements-with-egas-and-egpc-1054/