Rosneft and Petrovietnam Oil Corporation (PV Oil) signed at the XX St. Petersburg International Economic Forum, a subsidiary of Petrovietnam Vietnam Oil and Gas Group, signed a long term oil supply contract.
The document was signed by Rosneft Chief executive officer Igor Sechin and PV Oil Vice-president Vo Khanh Hung
The closing of the transaction will be performed upon obtaining the necessary regulatory and additional approvals.
The contract provides for the supply of up to 96 m tons of oil before 2040 to the Vietnamese party.
This is an unprecedented agreement demonstrating the success of Rosneft trading strategy. Increasing oil trading volumes allows creating additional shareholder value of the Company and expanding cooperation with partners in South-East Asian markets.
Commenting on the signing Igor Sechin said: “Thanks to the reached agreements, Rosneft will establish itself as a leading provider of energy resources in one of the most dynamically developing economies of the Asia-Pacific Region. Long term of the agreement will allow Rosneft to both enhance the economic efficiency of the supplies and have an additional stabilizing impact on global commodities markets”.
Rosneft actively expands its presence at perspective Asia-Pacific region markets. In 2015 supplies volume in the East direction amounted to 39.7 – an 18.5% increase compared to 2014.