Within the St. Petersburg International Economic Forum Rosneft President, Chairman of the Management Board Igor Sechin and Alltech Group President Dmitry Bosov signed a Framework agreement of cooperation with regard to the project for the development of gas fields in the North of the Nenets Autonomous District. The Framework agreement envisages above all the obligation of parties for the creation of a joint venture aimed at the development of the gas business in the Nenets Autonomous District, procedure and terms of the Parties’ contributions to the joint venture and further financing of the project. The Alltech Group will contribute to the joint venture the companies that hold licenses for the development of Korovinskoye and Kumzhinskoye gas condensate fields, which reserves by category C1+C2 constitues around 160 bcm of gas. Rosneft group will receive a majority share in the joint venture.

The creation of the JV is planned to be finalized no later than the 1st of September of 2014.

It is assumed that the JV will lay the foundation for the creation of a new center of gas production in the Nenets Autonomous District, within which it is presumed the realization of different projects both in gas processing and gas-supply of ultimate consumers.

Commenting on the signing Igor Sechin said: “The development of the this project represent an important element of Rosneft’s Gas strategy. The creation of the joint venture form a solid basis for the effective development of gas fields of the Nenets Autonomous District”.

After the signing Dmitry Bosov noted that: «The cooperation with Rosneft represent a new phase of the development of fields in region, owned by the Alltech Group. The capabilities, possessed by Rosneft, its experience are a unique addition to the work made by our company.”.