Rosneft Chairman of the Management Board Igor Sechin and Egyptian General Petroleum Corporation (EGPC) General Director Tarek El-Molla signed a Term Sheet for prospective supplies of oil products and liquefied petroleum gas (LPG) delivered by Rosneft to the Egyptian company.

The document, signed in continuation of agreements reached at the St. Petersburg International Economic Forum defines key terms of cooperation between the companies in the area of oil products and LPG direct supplies. Rosneft and EGPC expect binding agreements based on the agreed Term Sheet to be signed within the third quarter of 2015.

Execution of the terms of the signed document will allow Rosneft to significantly expand the cooperation with Egypt and EGPC as well as strengthening Rosneft’s position as a supplier of oil product and LPG in Northern Africa. Moreover the partnership with the Egyptian company will boost Rosneft trading potential both on a regional and global scale.

About Rosneft and Egypt

Rosneft has been an accredited supplier of the state-owned Egyptian General Petroleum Corporation since the beginning of 2015 and participates in all tenders for spot supplies of oil products and liquefied petroleum gases. So far, Rosneft has won the right to supply 425,000 mt of oil products totaling approximately $150 mln for supplies in April, May & June 2015.

About Rosneft

Rosneft is the leader of Russia’s petroleum industry and the world’s largest public oil and gas
company by liquid hydrocarbon production and reserves. The Company’s core operations are in hydrocarbon exploration and appraisal, production of oil, gas and gas condensate, offshore developments, refining, marketing of oil, gas and oil products inside and outside Russia, and investment activity.

Rosneft’s exploration and production geography spans across all key oil and gas provinces in Russia, namely Western Siberia, Southern and Central Russia, Timano-Pechora, Eastern Siberia and the Far East. The Company also implements projects in Kazakhstan, Algeria, Venezuela, Brazil, Vietnam, the UAE, Canada, and in the Gulf of Mexico. Offshore projects, including in the Arctic, take a special place in Rosneft’s portfolio. Rosneft has joined forces with ExxonMobil, Eni and Statoil to develop Russia’s offshore resources.