Rosneft, PNOC Exploration Corporation and Pionaire Finance Limited develop cooperation
Rosneft, PNOC Exploration Corporation (Philippines) and Pionaire Finance Limited signed a trilateral Agreement on development of cooperation at the XXI St. Petersburg International Economic Forum.
The document lays the basis for the development of multilateral cooperation in oil and products trading as well as for joint participation in oil refining projects. In particular, Rosneft and PNOC announced their intention to sign a strategic long-term contract in the near future for delivery of crude oil to the Philippine company.
Through cooperation with the largest national company of the Philippines, Rosneft will get an opportunity to enter one of the most attractive energy markets in the Asia-Pacific Region. The country economy is expected to demonstrate a high stable growth which will lead to further increase in demand for power resources.
Notes for editors:
The Philippines is one of the most dynamically developing economies in the region. GDP is expected to grow by 6.7% (IMF) in 2017. As forecast by Wood Mackenzie, the demand for oil products would grow from 17 mln tons in 2017 to 21.1 mln t by 2030. The main reason behind the increase of oil products consumption is the growth of motor vehicle fleet in the country due to the growth of population.
Rosneft Information Division
tel.: + 7 (499) 517-88-97
02 June 2017
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