Rosneft and AVTOVAZ Sign Strategic Partnership Agreement
Rosneft and AVTOVAZ have signed a strategic partnership agreement aimed at joint implementation of a program to incorporate future Rosneft products into technology used in the production of LADA cars.
The agreement envisages long-term cooperation in the supply of quality oils, petrol and diesel fuel, as well as the development of new lubricants and oils.
The partnership between Rosneft and AVTOVAZ will be implemented within the framework of the two companies' long-term development programmes, with significant investment in research and production base development.
Commenting on the agreement, Rosneft President Eduard Khudaynatov said: “By joining forces, the leader of the oil and gas industry and the largest Russian carmaker are opening up new horizons in developing the research and production potential of the two companies. It will result in consumers being offered products made to the highest standards. The Novokuibyshevsk Oils and Additives Plant is launching a new line of top-grade oils that meet car manufacturers’ latest requirements.”
“Cooperation with Russia’s largest oil company will help us increase production efficiencies and boost quality, while also providing a serious boost to the development of the oil and additives market. The resulting economic effect will allow us to provide additional support to the city in which our plant is based,” said AVTOVAZ President Igor Komarov.
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Background: Rosneft is the Russian oil industry leader and ranks among the world’s top publicly traded oil and gas companies. In 2011, the company produced 122.6 million tonnes of oil while its refineries processed 57.9 million tonnes of oil. The company is currently implementing a large-scale refinery modernisation programme with an investment of 168 billion rubles in 2012 alone. AVTOVAZ is one of Europe's biggest carmakers. Its current production capacity stands at approximately 800,000 vehicles a year (including parts production). Since 1970 AVTOVAZ has produced over 26 million LADA cars. |
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February 29, 2012
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