Russian oil producer Rosneft has signed two separate agreements with Egypt to supply liquefied petroleum gas (LPG), liquefied natural gas (LNG) and oil products to the country.
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The deal with Egyptian General Petroleum (EGPC), which works under the country’s Ministry of Petroleum, has been signed for co-operation between the firms for supply of oil products and direct LPG by Rosneft.
Binding agreements for the co-operation deal are expected to be signed within the third quarter of this year.
Besides promoting co-operation, the deal is likely to help Rosneft sign similar oil product and LPG supply deal in Northern Africa.
The partnership is also likely to boost the Russian company’s trading potential on both regional and global levels.
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By GlobalDataRosneft has also signed a separate agreement with state gas company EGAS for future cooperation in the area of LNG supplies.
Egypt Ministry of Petroleum informed that the deal with EGAS includes provision for benzene and bitumen supplies along with 24 LNG cargoes for over two years, starting from the final quarter in this year.
The deal with EGAS is expected to allow Rosneft to reach out for ‘high growth potential’ of the Egyptian gas market and can ‘strengthen its position in the global LNG trading market.’
State-owned Rosneft does not produce LNG on its own, as of now. The firm, however, is likely to venture into gas production jointly with ExxonMobil after 2018, reported Reuters.
