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Rosneft Increases Petroleum Product Supplies to Turkey

Source: www.gulfoilandgas.com 3/10/2017, Location: Asia

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Rosneft signed a number of documents with Turkey's leading energy companies on the sidelines of the top level negotiations between the President of Russia Vladimir Putin and the President of Turkey Recep Tayyip Erdo?an.

Rosneft and Demiroren Group Companies signed an Agreement on petroleum product supplies during 2018-2020.

The document follows up on the development of the existing partnership between the parties: in December 2016, a contract was signed for Rosneft to supply up to 840 th. t of diesel fuel.

The new agreement determines the intention of the parties to sign an additional contract for the supply of up to 4.6 mmt of oil products by 2020, of which 3.6 mmt of ultra-low-sulfur diesel-10 ppm and 1.0 mmt of liquefied petroleum gas. As a result of the implementation of the agreement, Rosneft will meet more than half of Demiroren's annual demand for petroleum products.

This agreement serves to strengthen mutually beneficial relations between Russian and Turkish partners.

When the agreement enters into force, Rosneft will significantly strengthen its positions in the Turkish market - the Company will be able to supply an additional 11.3% of imported and about 6% of all diesel fuel consumed in the country.

Furthermore, Rosneft and BA Gas Enerji Sanayi ve Ticaret A.S. entered into a cooperation agreement with the scope of organizing supplies of up to 6 mmt of oil products per year (including Rosneft production) to end-users in Turkey.

Commenting on the agreements signed, Igor Sechin said: ďContracts with end users of energy resources are key elements of Rosneft's strategy in the field of commerce and logistics. It enables us to add value at all the stages of product sales.

The geographical advantages of the Company's production facilities in the Black Sea region, and its logistical and trading capabilities improve the economics of our contracts with Turkish partners. Such agreements confirm Rosneft's status as a reliable supplier of high-quality petroleum products and lay the basis for further cooperation with companies in Turkey, one of the most dynamically developing economies of the regionĒ.

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