Lukoil and Rosneft sign a deal on long-term cooperation

Today, President of Rosneft Eduard Khudaynatov and Head of Lukoil Vagit Alekperov signed an agreement on long-term cooperation between their companies. Deputy Prime Minister Igor Sechin was present during the signing ceremony.

Capitalizing on the successfully developing cooperation between the two companies and striving for improved profitability of existing projects, Rosneft and Lukoil agreed to combine efforts in the following areas:

exploration, development and transportation of hydrocarbons on the license areas in the Nenets Autonomous District;

  • exploration on Rosneft’s license areas on the Russian Arctic shelf and development of the already discovered fields in accordance with the Russian law;
  • development of the market for locally produced petroleum products, petrochemicals, gas derivatives and motor oils;
  • joint marketing of associated and natural gas from Bolshekhetskaya and Vankor fields;
  • reciprocal deliveries of petroleum products, liquefied gases and petrochemical products to distribution and production facilities of both companies;
  • joint search for ways to improve marketing of petrochemicals, gas and oil derivatives in Russia and abroad;
  • joint use of the existing logistical infrastructure, including crude oil, petroleum and petrochemical products export facilities; preparation and execution of petroleum products transportation projects, including the construction of a petroleum products pipeline to the “Moscow product ring” and the “South” project.Speaking about the signed agreement, President of Rosneft Eduard Khudaynatov remarked: “It goes without saying that with the existing fiscal environment, infrastructural constraints and the growing proportion of difficult reserves, we need to expand our cooperation and combine efforts to improve efficiency of our projects.”In his turn the Head of Lukoil Vagit Alekperov said: “We expect that the long-term cooperation with Rosneft will help our company to gain access to large new hydrocarbon reserves in Russia”.

    By 15 May 2011 the Parties will have to establish joint teams for the above areas and by August 1 draw up a shortlist of projects, assess efficiency and find mutually acceptable mechanisms for their cooperation.

    Source: Rosneft

Member Profiles

Featured Profile

Featured Profile

Featured Videos

Featured Case Studies