Within the Petersburg International Economic Forum Rosneft Group and PDVSA signed a long-term contract for oil and oil products supplies by the venezuelan company on a pre-paid basis. The document was signed by Rosneft President, Chairman of the Managing Board of Rosneft Igor Sechin and the People’s Minister for Energy & Petroleum, PDVSA President Rafael Ramirez.

The signature ceremony was led by the President of the Russian Federation Vladimir Putin.

The document envisages the supplies of over 1.6 mln t of oil and 7.5 mln t of oil products within 5 years. The pre-payment within the contract will be 2 bln USD.

It is worth noting that it is the first time such a big deal for oil and oil products supplies between a Russian and a Venezuelan company is forged. That opens wide perspectives for the cooperation of Rosneft and PDVSA in the trading sphere.

Commenting on the signing Igor Sechin said: “The realization of the contract will allow Rosneft to substantially increase the geography and strengthen its positions as global leader on the oil and oil products market. This agreement represent a new phase of partnership between Rosneft and PDVSA. Following the partnership in the upstream sphere our companies start to cooperate in the sphere of trading. I am sure we will be able to achieve great results in every Rosneft-PDVSA joint project”.

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