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Rosneft and Transneft Sign Agreements on Key Projects

11 October 2013

Rosneft President and Chairman of the Management Board Igor Sechin and Transneft President Nikolai Tokarev have signed a number of agreements in fulfillment of the strategic plans on mutually beneficial terms and based on principles of co-financing to increase oil supplies volumes to China and to the Rosneft’s Tuapse refinery in the Krasnodar region.

The package of agreements on oil supplies increase to China envisages commitments by the Parties to finance and implement the activities aimed at the capacity expansion of the Skovorodino-Mohe oil pipeline, as well as to increase respectively the volumes of crude shipment in this direction. The pipeline capacity is expected to reach 20 million tonnes of crude per year beginning on 1 January 2015 and 30 million tonnes per year beginning 1 January 2018. It means that 15 million tonnes per year will be supplied to China from 2018 to 2037 in addition to existing volumes.

The agreements reached are aimed at fulfilling the Agreement between the Government of the Russian Federation and the Government of the People’s Republic of China to expand cooperation in crude oil trading, which was signed on 22 March 2013.

The agreement on oil supplies to the Tuapse refinery provides for supply volumes of 12 million tonnes per year once the work on increasing the capacity of the trunk pipeline’s leg from Tikhoretsk to Tuapse refinery is completed.

Commenting on the agreements signed, Igor Sechin said: “The agreements reached today not only ensure the implementation of Rosneft’s long-term strategic plans, but also facilitate the development of the sector in general and make a considerable contribution to the improvement of energy security of Russia’s partners on the international market.

Rosneft Information Division
Tel.: +7 (499) 517 88 97 
October 11, 2013

These materials contain statements about future events and expectations that are forward-looking in nature. Any statement in these materials that is not a statement of historical fact is a forward-looking statement that involves known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements expressed or implied by such forward-looking statements to differ. We assume no obligations to update the forward-looking statements contained herein to reflect actual results, changes in assumptions or changes in factors affecting these statements.