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Rosneft and SOCAR Turkey Enerji AS Signed a Heads of Terms on Oil and Oil Products Supply

10 October 2016

Rosneft and SOCAR Turkey Enerji AS signed at the World Energy Congress a Heads of Terms on oil and petroleum products supply.

The parties will explore the potential of cooperation in the framework of the new 10 mmt STAR refinery being constructed by SOCAR Turkey Enerji. The Companies will consider Rosneft products supply to this enterprise, in particular oil and other feedstock. The range of products, as well as the size and timing of deliveries will be specified in the legally binding documents to be signed by the parties in the medium term.

Turkey is a net importer of oil (in 2015, oil imports grew by 43% YoY to 25.1 million tons due to an increase in demand from the refineries of the country). The development of oil refining of the country represents a significant commercial opportunity for the trading arm of the Company which may take part in the supply of the feedstock to the enterprise being under construction. Rosneft is pursuing its strategy aimed at strengthening its position in the energy sector in the region through assets acquisitions and joint ventures setup. Thus the expansion of cooperation with Turkish companies will provide a synergistic effect with Rosneft’s international operations.

Rosneft Information Division
Tеl.: + 7 (499) 517-88-97
Monday, October 10, 2016

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