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Rosneft took part in the St Petersburg International Economic Forum on June 21, 2012

25 June 2012

The 16th St Petersburg International Economic Forum, often called «the Russian Davos», was held on June 21-23 and gathered leading representatives of the global and national political and business elite, economists, political scientists and experts who discussed pressing global economic issues. 

On June 21 the Rosneft delegation participated actively in the work of the forum. Igor Sechin, President, Chairman of the Management Board of Rosneft and Executive Secretary of the Commission on Strategic Development of the Fuel and Energy Sector presided over a Global Energy international prize award ceremony on behalf of Russian President Vladimir Putin. The award winners for 2012 were academics Boris Katorgin, Valery Kostyuk as well as British scholar Rodney John Allam.

The head of Rosneft then took part in panel discussion ‘Global Energy Outlook: The Quest for Stability’ where he delivered a presentation titled ‘Rosneft: Development Outlook’. Sechin stressed that «a real window of opportunity is now open for global cooperation». «I am calling on politicians, corporations, financial institutions to coordinate more closely as we all bear enormous responsibility for the stability of energy supply», he said. 

At the Forum Rosneft signed six important agreements. Rosneft and Statoil signed several documents aimed at implementing a cooperation agreement concluded on May 5, 2012. The agreements lay out the terms of joint bidding for licenses in the Norwegian section of the Barents Sea and provide for joint technical evaluation and subsequent development of tight oil reserves in Russia.

The shareholder and operations agreements signed with Italy’s Eni provide for the creation of joint ventures to develop Russian offshore properties at license blocks in the Barents and Black Seas. The agreements cover the Central Barents, Fedynsky and Western Chernomorsky blocks. The parties also signed Agreements on parent company guarantees ensuring the timely fulfillment of all obligations by their respective subsidiaries.

Rosneft and VTB Bank concluded a strategic partnership agreement, covering among other things a five-year RUB 100 bln credit line to be extended to Rosneft to finance regional projects.

Rosneft signed a Memorandum of Understanding and a Cooperation Agreement with General Electric. The documents provide for the implementation of joint projects to increase efficiency of oil and gas exploration, production and processing. The parties also signed an agreement for General Electric to supply 5 gas turbine units for the Eastern Petrochemical Company – a major project implemented by Rosneft in the Primorsk Territory.

Rosneft signed an agreement with the Moscow Region aimed at strengthening comprehensive cooperation for social, economic, industrial and infrastructure projects promoting development of the Moscow Region. The parties agreed that the region could host an oil refinery with an annual throughput of up to 12 million tonnes of oil. The agreement also paves the way for Rosneft expanding its oil storage and filling station network in the Moscow Region. As the general sponsor of the CSKA professional ice hockey club, Rosneft will also consider building a CSKA multi-purpose ice arena in the Moscow Region.

Rosneft signed a Strategic cooperation agreement with the Urals Federal District aimed at promoting social and economic development of the Urals Federal District.

Russian President Vladimir Putin congratulated the senior management of Russia's largest oil company on the signing of these important agreements.

Rosneft's agenda at the Forum also included several working meetings held by Igor Sechin with heads of international credit organisations and energy companies, senior representatives of the international energy community.

Among others, Igor Sechin met Deutsche Bank Co-Chairman of the Management Board, Member of the Group Executive Committee Juergen Fitschen, Bank of America Merill Lynch Chief Operating Officer Thomas Montag and Societe Generale Chief Executive Officer Frederic Oudea. Sechin also held discussions with Glencore International AG Chief Executive Officer Ivan Glasenberg, Executive Director of the International Energy Agency Maria van der Hoeven and Turkish Energy and Natural Resources Minister Taner Yildiz. He also met IHS CERA Executive Vice President and Chairman of the Board of Directors Daniel Yergin.

The interlocutors discussed a broad range of issues relating to the current state and the outlook for mutually beneficial technological and investment cooperation with Russia's largest oil company, pressing issues and the outlook for the development of the Russian energy industry as well as issues of international cooperation in global energy security and stable energy supply.

Rosneft President Igor Sechin also took part in the ‘Global Energy Outlook: Quest for Stability’ panel discussion where he presented a report titled ‘Rosneft: Development Outlook’.

Igor Sechin also took part in a meeting between Russian President Vladimir Putin and heads of energy companies.

Rosneft top managers also held a number of meetings on issues related to their areas of responsibility.