Rosneft

Governance Information • Sep 3, 2015

National Storage Mechanism | Additional information

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RNS Number : 9904X

OJSC OC Rosneft

03 September 2015

Rosneft and Sinopec agree on the joint development

of Russkoye and Yurubcheno-Tokhomskoye fields

Rosneft and China Petrochemical Corporation (Sinopec) signed the Heads of Agreement on cooperation within the proposed joint development of Russkoye and Yurubcheno-Tokhomskoye fields. The document was signed by the Chairman of Rosneft Management Board Igor Sechin and the Chairman of China Petrochemical Wang Yupu during the visit of the Russian President Vladimir Putin to Beijing and in presence of the President of People's Republic of China Xi Jinping.

Under the agreement, Sinopec Group has the right to acquire a 49% stake in East Siberian Oil and Gas Company (ESOGC) and Tyumenneftegaz, that hold the exploration licenses for Russkoye and Yurubcheno-Tokhomskoye fields respectively.

Both parties agreed that the two oil and gas fields listed in this new agreement have bright prospects. The two fields are located in one of the key regions of Rosneft operations. Joint development of tight oil reserves will allow Sinopec Group and Rosneft to mitigate the operational risks of the projects. The cooperation will also enhance the projects' capacity in financing, technology and implementation. Both parties look forward to collaborating further on exploration and production.

As a next step, Sinopec Group and Rosneft will set up a Joint Technical Group to finalize the investment plan and agreement. The closing of the transaction is subject to a number of standard conditions including approval from governmental authorities.

Sinopec Group and Rosneft deeply value their partnership with each other. Both parties have achieved positive outcomes in the past in their cooperation on the Udmurtneft and Sakhalin 3 projects.

Rosneft Information Division

Tel.: + 7 (499) 517-88-97

September 3, 2015

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 obligation to update the forward-looking statements contained herein to reflect actual results, changes in assumptions or changes in factors affecting these statements. 

This information is provided by RNS

The company news service from the London Stock Exchange

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