On May 26, agreement on Cooperation was concluded between Rosneft and the Ministry of Economy of the Republic of Abkhazia in Sukhumi. On behalf of Rosneft, the document was signed by President Sergey Bogdanchikov and on behalf of the Abkhazian side – by Minister of Economy Kristina Ozgan.

Under the 5-year agreement, the parties intend to develop mutually beneficial cooperation in areas including exploration and development of oil and gas fields, production of hydrocarbons, sales of crude oil, natural gas and refined products. Furthermore, the Agreement makes a provision for the development of high technologies and their application for the exploration and secondary oil recovery methods, exploration of and production from offshore fields, environment protection and utilization of waste products as well.

Commenting on the reached agreements, Sergey Bogdanchikov said that the parties planed “to establish two companies: one company for the exploration and development of offshore oil and gas fields and the other one, together with state company Abkhaztop, for the construction and operation of filling complexes in Abkhazia”.

“We came here not for short-term gains, all our projects are designed for a long-term perspective”, pointed out Rosneft’s President.