Rosneft and Transaero Sign Cooperation Agreement
Rosneft and Transaero have signed an aviation fuel supply agreement.
The deal signed by Rosneft President Eduard Khudaynatov and Transaero CEO Olga Pleshakova provides for long-term aviation fuel supplies across Russia along Transaero aviation routes with prices set using a formula based on Platts global indicator. The agreement gives Rosneft the right to supply fuel to Transaero by means of its own refuelling complexes (including the Vladivostok-based Knevichy refuelling facility scheduled to be launched later this year and Vnukovo refuelling facility) as well as those run by Rosneft's partners.
The agreement secures Transaero guaranteed aviation fuel volumes, eliminating the risk of supply disruptions. “The deal we signed today sets a new trend aimed at ensuring stable aviation fuel supply in Russia. It helps minimize price volatility and serves as proof that the two companies are keen to operate at international standards. The agreements reached today reaffirm the companies' commitment to maximum transparency in price-setting. I trust this decision taken by the management of the two companies will create added value for our shareholders”, stressed Eduard Khudaynatov.
Commenting on the agreement, Olga Pleshakova said: “The long-term aviation fuel supply agreement with formula-based price-setting will give a significant boost to our company's ability to pursue long-term tariff planning policies. It is especially important given general trends towards aviation fuel price increases. Transaero Airlines has a fleet of modern aircraft and is currently implementing a fuel cost optimization program”.
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Background: Rosneft is the leader of Russia’s petroleum industry and ranks among the world’s top publicly traded oil and gas companies. The Company is primarily engaged in exploration and production of hydrocarbons, production of petroleum products and petrochemicals and marketing of outputs. Transaero is the second largest air carrier in the Russian Federation. It has the largest fleet of wide-bodied long-haul aircraft in Russia, the CIS and Eastern Europe. The company's route network is comprised of over 150 destinations in Russia, Europe, Asia, the Americas and Africa. |
Rosneft Information Division
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February 29, 2012
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