Rosneft extends cooperation with Armenia

Rosneft extends cooperation with Armenia

YEREVAN, December 27. / ARKA /. Russia’s largest oil company Rosneft said today as part of a working visit to Armenia Rosneft chairman Igor Sechin met with Armenia’s president Serzh Sargsyan and a  number of documents were signed, indicating  extending cooperation between Rosneft and Armenia.

During Sechin’s visit to Armenia, Rosneft, L.L.C. PIRELLI Tyre Russia, and Oil Techno signed a Memorandum of Understanding with regard to establishing styrene-butadiene rubber (SBR) production joint venture in Armenia.

Rosneft said the implementation of this project will help introduce new technologies in Armenia and create a modern production facility of state-of-the-art eco-friendly materials – SBR is employed in the production of “Green tires”, which improves fuel economy performance and also tire grip in wet and dry conditions.

Under the terms of the Memorandum Rosneft intends to be a leading investor and equity holder in Yerevan’s Nairit plant and Pirelli will cooperate jointly with Rosneft in research and development activities to develop SBR and is interested in entering into a long-term off-take agreement to purchase the SBR produced.

As part of the visit Rosneft President Igor Sechin and General Director of L.L.C. Rosneft-Armenia Artur Alaverdyan signed a contract for oil-products deliveries to Armenia within the framework of the joint venture, - L.L.C. Rosneft-Armenia - created on the 10th of December 2013 between Rosneft and its Armenian partner Oil Techno.

”With the purpose of further deepening presence in the marketing value chain the companies have started to analyze the possibility of the acquisition of assets in the sphere of wholesale and retail trade of oil-products, including oil-product storage capacities and an aircraft refueling business,’ Rosneft said. -0-

15:40 27.12.2013

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