The signed documents strengthen cooperation between Rosneft and Iraqi Kurdistan, which started in February 2017 from signing a contract on purchase and sale of crude in 2017-2019.
The new agreements will allow to talk about full entry of the Company in one of the most promising regions of the developing global energy market with the expected recoverable reserves in the order of 45 billion bbl of oil and 5.66 trillion m3 of gas (according to the estimate of the Ministry of Natural Resources of Kurdistan Region). The agreements provide for further phased investments of Rosneft in Kurdistan Region
Upon the signing ceremony Rosneft CEO Igor Sechin said:
"The Company is widening its cooperation with Iraqi Kurdistan across the whole production chain. The crude is being delivered to the German refineries of Rosneft, which is indicative of our successful business diversification strategy.
"The Agreements are signed under the conditions profitable for the Company and set an example of well-weighed investments in one of the key Middle East regions, which will make it possible for the Company to expand its exploration and production geography, provide feedstock for Rosneft's growing refining network and to raise profitability of our international assets".