Rosneft Oil: Rosneft has signed a number of agreements to involve Chinese companies in capital construction procurement procedures

Rosneft and a number of Chinese companies signed agreements on cooperation in the field of procurement procedures at the 3rd Russian-Chinese Energy Business Forum.

The main target of the model agreement is to develop long-term mutually beneficial cooperation and enable Chinese companies to participate in Rosneft’s procurement procedures for construction of production facilities worth a total of RUB 760 bln.

Under the document, the Company intends to inform Chinese suppliers and contractors of the commencement of procurement procedures capital construction facilities, as well as provide methodological support for participation in the procurement.

In accordance with the previously announced plans, Rosneft continues to develop its own upstream projects in Russia, increasing capital expenditures. In particular, in the north of the Krasnoyarsk region, Rosneft has launched Vostok Oil, one of the largest investment projects in the oil and gas industry. The resource base of the project is over 6 billion tons of premium low-sulphur oil. “Vostok Oil includes 52 license areas, within which 13 oil and gas fields are located.

In November, Rosneft completed a series of roadshows of the Vostok Oil project for foreign suppliers and contractors. In total, more than 760 people from 360 foreign organisations took part in the meetings. As a result, the Company received about 60 cooperation proposals.