On 4 February 2014 Igor Sechin, Rosneft President and Chairman of the Management Boardand Yasuo Matsuura, President and CEO of Marubeni-Itochu Steel Inc., signed a Memorandum of Understanding.

The document envisages a joint study of possibilities for cooperation in implementing of an integrated materials management system and maintenance of premium pipe products.

As part of the Memorandum the parties plan to establish a joint working group to undertake a detailed analysis of areas of cooperation between the companies, and possible participation in a pilot project.

The Memorandum is not a legally binding document.

Notes for Editors:

Marubeni-Itochu Steel Inc. is a Japanese integrated company specializing in the manufacturing and distribution of steel products. The company was established in October 2001 following a merger of steel manufacturing and distribution divisions of two major Japanese corporations, Itochu Corporation and Marubeni Corporation ( each holding a 50% stake in the newly created company).

Since its inception, Marubeni-Itochu Steel Inc. has been expanding its global pipe production and maintenance infrastructure. The company has offices in Russia, China, Singapore, Great Britain, Oslo, Milan, US, Canada, Mexico, Brazil, Algiers, Cairo, Abu-Dhabi, and other countries. It also owns a global steel storage network (Canada, US, Great Britain, China, Vietnam, Dubai, Thailand, Malaysia, Australia, etc.)