Rosneft and Kurdistan Regional Government announce the entry of Rosneft into an infrastructure project in the Kurdistan Autonomous Region
Rosneft and Kurdistan Regional Government are continuing to build on agreements they have reached previously.
On the sidelines of the X Eurasian Economic Forum in Verona the parties have announced the start of joint implementation of an infrastructure project for the operation of the oil pipeline in the Kurdish Autonomous Region.
Rosneft’s share in the project may amount to 60%. The other project participant with 40% share will be KAR Group, who is the current pipeline operator.
Rosneft Chief Executive Officer Igor Sechin said: «The entry into the infrastructure project will contribute to achievement of Rosneft’s strategic objectives and will enable Rosneft to enhance the efficiency of oil transportation to the end customers including supplies to the Company’s refineries in Germany».
Notes for editors:
The mutually beneficial partnership of Rosneft and Kurdistan commenced last winter: in February 2017, at the IP Week Conference in London (UK), the Parties signed an agreement on cooperation in exploration, production, infrastructure, logistics and trading of hydrocarbons. Pursuant to the agreement, the parties signed a contract for the purchase and sale of oil to Rosneft from 2017 to 2019. The contract provides for an advance payment. The production buyer will be Rosneft's trading Subsidiary — Rosneft Trading SA.
At the 21st Saint-Petersburg International Economic Forum the Parties signed an investment agreement under which they committed to continue cooperation in exploration and production, including the gas industry, to make a concession agreement related to operations of the export oil pipeline in Kurdistan, as well as a number of production sharing agreements.
Rosneft Information Division
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Thursday, October 19, 2017
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