Rosneft and PDVSA expand cooperation in crude oil trading

Jun 19, 2015 12:00 AM

Rosneft and PDVSA signed at the St. Petersburg International Economic Forum the Term Sheet of the export contract for URALS supplies to the Venezuelan company. The document was signed by Rosneft Chairman of the Managing Board Igor Sechin and PDVSA President Eulogio del Pino.

The document, computed for 1 year with a two-year-extension option, envisages the joint analysis of Rosneft URALS deliveries in Venezuela for the scope of refining at PDVSA facilities.

The implementation of the terms of the agreement will strengthen, in addition to the agreements signed in 2014, the cooperation of the companies in crude oil trading. For Rosneft this agreement is beneficial due to receiving a secure marketing channel to the ultimate consumer, for PDVSA these deliveries will allow to optimize its refining operations.

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