On 22 January 2014, Igor Sechin, Rosneft President and Chairman of the Management Board, held working meetings with Albek Ibraimov, OAO Manas International Airport President, and Mr. Alexander Niyazov, Bishkek Oil Company Group of Companies General Director, to discuss Rosneft's opportunities to enter the fuel market of Kyrgyzstan.
Following the meeting, Rosneft and Manas International Airport signed the Memorandum of Understanding. Pursuant to the document Rosneft will consider an opportunity to acquire no less than a 50% stake in the Refueling Complex at the airport in the city of Osh. The airport in Osh is one of the largest airports in the region with the passenger flow exceeding 1 million people a year.
Under another Memorandum of Understanding that was signed by Rosneft, the Company will consider an opportunity to acquire a 100% stake in Bishkek Oil Company Group of Companies, one of the leaders in the Kyrgyz petroleum products market.
Commenting on the reached agreements, Igor Sechin said, “The documents signed today demonstrate the planned implementation of the resolutions made by the 16th session of the Kyrgyz-Russian Intergovernmental Commission on Trade and Economic, Scientific and Technical, and Humanitarian Cooperation that took place in Bishkek in December 2013. These agreements will allow future expansion of the Company’s distribution network through entering the new market, which will help maximize oil products supply profitability”.