Rosneft and the Kurdistan Regional Government of Iraq Signed an Offtake Contract

Rosneft and the Kurdistan Regional Government of Iraq signed a Cooperation Agreement in the fields of upstream, infrastructure, logistics and trading. The document was signed on the sidelines of the IP week conference in London.

Pursuant to the Cooperation Agreement the parties signed a pre-financed Crude Oil Purchase and Sale Contract of Kurdistan Region Crude oil over the period 2017-2019. The purchaser of crude will be Rosneft’s trading arm – Rosneft Trading SA.

Commenting on the deal Rosneft Chief executive officer Igor Sechin said: “We are delighted to be embarking on new activity together in the Kurdistan Region and look forward to developing new markets worldwide for Kurdish crude oil. The off-take and supply of Kurdish crude oil into Rosneft's expanding worldwide refining system will further contribute to the increase in its effectiveness”.

His Excellency Minister of Natural Resources in the Kurdistan Regional Government of Iraq Dr. Ashti Hawrami stated that “This deal represents a new beginning in our relationship with Rosneft and opens up the possibility of a broader relationship in all fields of energy cooperation with Russian Oil company Rosneft within Kurdistan”.

Rosneft Information Division
Tel.: + 7 (499) 517-88-97
February 21, 2017

These materials contain statements about future events and expectations that are forward-looking in nature. Any statement in these materials that is not a statement of historical fact is a forward-looking statement that involves known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements expressed or implied by such forward-looking statements to differ. We assume no obligation to update the forward-looking statements contained herein to reflect actual results, changes in assumptions or changes in factors affecting these statements.