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2014-05-29 18:05:00

ROSNEFT & PDVSA PARTNERSHIP

ROSNEFT & PDVSA PARTNERSHIP

Within the Petersburg International Economic Forum, Rosneft Group and PDVSA signed a long-term contract for oil and oil products supplies by the Venezuelan company on a pre-paid basis.

The document was signed by Rosneft President, Chairman of the Managing Board of Rosneft Igor Sechin and the Venezuelan Minister of public power for oil and metal mining industry, PDVSA President Rafael Ramirez.

The signature ceremony was led by the President of the Russian Federation Vladimir Putin.

The document envisages the supplies of over 1.6 million t of oil and 7.5 million t of oil products within 5 years. The pre-payment within the contract will be US$ 2 billion.

It is worth noting that this is the first time such a big deal for oil and oil products supplies between a Russian and a Venezuelan company is forged, opening wide perspectives for the co-operation of Rosneft and PDVSA in the trading sphere.

Commenting on the signing Igor Sechin said: "The realisation of the contract will allow Rosneft to substantially increase the geography and strengthen its positions as global leader on the oil and oil products market. This agreement represent a new phase of partnership between Rosneft and PDVSA. Following the partnership in the upstream sphere our companies start to cooperate in the sphere of trading. I am sure we will be able to achieve great results in every Rosneft-PDVSA joint project."

energyglobal.com

Tags: ROSNEFT, PDVSA, OIL

Chronicle:

ROSNEFT & PDVSA PARTNERSHIP
November, 24, 09:15:00

SAUDI'S OIL FOR CHINA

BLOOMBERG - As Saudi Arabia led OPEC’s output cuts this year to shrink a global glut, it’s lost out on market share in the world’s biggest energy consumer. Russia in September retained the top Chinese supplier spot for the seventh straight month, while the kingdom was third.

ROSNEFT & PDVSA PARTNERSHIP
November, 24, 09:10:00

URALS QUALITY WILL DOWN

PLATTS - The quality of Russia's key Urals crude exports towards Europe will continue to fall next year as more of the country's low-sulfur oil flows are diverted eastward to China, Russian national oil pipeline operator Transneft warned.

ROSNEFT & PDVSA PARTNERSHIP
November, 24, 09:05:00

S.KOREA'S SOLAR UP

FT - OCI — the world’s third-largest polysilicon maker by capacity and South Korea’s biggest — this month reported a 3,373 per cent increase in operating profit to Won78.7bn ($72m) for the July-September quarter, its best performance in five years. Rival Hanwha Chemical saw third-quarter net profit jump 25 per cent to a record Won252bn. 

ROSNEFT & PDVSA PARTNERSHIP
November, 24, 09:00:00

U.S. RIGS UP 8 TO 923

U.S. Rig Count is up 330 rigs from last year's count of 593, with oil rigs up 273, gas rigs up 58, and miscellaneous rigs down 1 to 0. Canada Rig Count is up 41 rigs from last year's count of 174, with oil rigs up 13, gas rigs up 30, and miscellaneous rigs down 2 to 2.

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