Russia's Rosneft and the Kurdistan Regional Government of Iraq signed a Cooperation Agreement in the fields of upstream, infrastructure, logistics and trading. The document was signed on the sidelines of the IP week conference in London.
Pursuant to the Cooperation Agreement the parties signed a pre-financed Crude Oil Purchase and Sale Contract of Kurdistan Region Crude oil over the period 2017-2019. The purchaser of crude will be Rosneft’s trading arm – Rosneft Trading SA.
Commenting on the deal Rosneft Chief executive officer Igor Sechin (pictured) said:
“We are delighted to be embarking on new activity together in the Kurdistan Region and look forward to developing new markets worldwide for Kurdish crude oil. The off-take and supply of Kurdish crude oil into Rosneft's expanding worldwide refining system will further contribute to the increase in its effectiveness”.
His Excellency Minister of Natural Resources in the Kurdistan Regional Government of Iraq Dr. Ashti Hawrami stated that:
“This deal represents a new beginning in our relationship with Rosneft and opens up the possibility of a broader relationship in all fields of energy cooperation with Russian Oil company Rosneft within Kurdistan”.