OREANDA-NEWS. June 24, 2015. Rosneft and the Egyptian General Petroleum Corporation signed a Memorandum of Cooperation at the St. Petersburg International Economic Forum related to the supply of oil products into Egypt. The Memorandum was signed by Rosneft Chairman of the Management Board Igor Sechin and Egyptian General Petroleum Corporation General Director Board Tarek Al Molla.

The signed document envisages cooperation in the area of Gasoil, Gasoline, Fuel Oil, LPG & Bitumen supplies allowing Rosneft to expand its portfolio of products delivered into North Africa. The cooperation with the Egyptian General Petroleum Corporation will enable Rosneft to supply products directly into Egypt increasing the company’s netbacks along the value chain. A joint working group may be formed to develop and execute the project plan outlined within the Memorandum.

Note for editors:

Since 2015 Rosneft is an accredited supplier of the state-owned Egyptian General Petroleum Corporation and participates in all tenders for spot supplies of oil products and liquefied petroleum gases (LPG). So far, Rosneft has won the right to supply 425,000 mt of oil products totaling about \\$150 mln for supplies in April, May & June 2015.