“Rosneft” and the Regional Iraqi Government of Kurdistan have signed an agreement on cooperation in the fields of exploration, production, infrastructure, logistics and trading of hydrocarbons.
The document provides for the purchase of oil by the holding in the period from 2017 to 2019 by the means of advance payments. It is noted that the purchaser of raw materials will be the trading unit of “Rosneft” - Rosneft Trading SA. The delivery volumes of hydrocarbons are not specified.
Rosneft is the leader of Russia’s petroleum industry and the world’s largest publicly traded petroleum company. Company’s main activities include prospecting and exploration of hydrocarbon deposits, oil, gas and gas-condensate production, upstream offshore projects, processing, as well as oil, gas, and product marketing in Russia and abroad. The Company is included in the list of strategic companies and organizations of Russia. Company’s largest shareholder is JSC ROSNEFTEGAZ, fully owned by the Russian Government, while BP holds 19.75% of shares, QHG Shares Pte. Ltd. holds 19.5% of shares, one share belongs to the state represented by Federal Agency for State Property Management, whereas the remaining shares are free floating. Rosneft key objectives are the reserve replacement ratio at a minimum level of 100%, effective production at brownfields, and production increase through the development of greenfields, creation of new production clusters on the shelf, development of technologies, and implementation of high-level project management practicies, monetization of gas reserves and competitive production growth, optimal configuration of the refineries and maximization of profits in distribution.
Author: Anna Dorozhkina