Rosneft and EGPC signed an agreement for oil products supplies

By Curious

Rosneft and the Egyptian General Petroleum Corporation (EGPC) signed an agreement for supplies of oil products delivered by Rosneft to the Egyptian company, the company said in its press release.

Rosneft and EGPC signed an agreement for oil products supplies

The document, signed in continuation of the agreements reached between the companies in July, 2015 envisage the deliveries of 6 combined cargos of Fuel Oil and LCO to EGPC within November and December of 2015.

The execution of the terms of the signed document will allow Rosneft to significantly expand the cooperation with Egypt and EGPC as well as strengthening Rosneft’s position as a supplier of oil products in Northern Africa. Moreover the partnership with the Egyptian company will boost Rosneft trading potential both on a regional and global scale.

The parties plan to increase the cooperation level in the area of oil products supplies and will continue negotiations on the potential expansion of both supply volumes and products portfolio.

Rosneft has been an accredited supplier of the state-owned Egyptian General Petroleum Corporation since the beginning of 2015 and participated in tenders for spot supplies of oil products and liquefied petroleum gases. So far, Rosneft has won the right to supply 425,000 mt of oil products totaling approximately $150 mln for supplies in April, May & June 2015.

In July, 2015 Rosneft and EGPC agreed on the term sheet of oil products and LPG future supplies.