Rosneft and PDVSA Expand Cooperation in Crude Oil Trading

Rosneft and PDVSA signed at the St. Petersburg International Economic Forum the Term Sheet of the export contract for URALS supplies to the Venezuelan company. The document was signed by Rosneft Chairman of the Managing Board Igor Sechin and PDVSA President Eulogio del Pino.

The document, computed for 1 year with a three-year-extension option, envisages the joint analysis of Rosneft URALS deliveries for the scope of refining at PDVSA Isla refinery on the island of Curacao.

The implementation of the terms of the agreement will strengthen, in addition to the agreements signed in 2014, the cooperation of the companies in crude oil trading. For Rosneft this agreement is beneficial due to receiving a secure marketing channel to the ultimate consumer, for PDVSA these deliveries will allow to optimize its refining operations.

Further negotiations will determine the volume and pricing of the possible deal.

Commenting on the signing Igor Sechin said: “The reached agreements are another confirmation of the strategic nature of our cooperation with PDVSA. The signed document will allow Rosneft to expand the geographical reach of crude oil deliveries and to receive the optimal price offers for its products, which will further strengthen our positions as a global player in the oil and oil products market”.

Rosneft Information Division
Tel.: + 7 (499) 517-88-97
June 18, 2015

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