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Rosneft signs offtake contract with Kurdistan regional government of Iraq

The parties have signed a pre-financed crude oil purchase and sale contract of Kurdistan Region crude oil over the period 2017-2019

© Sergei Bobylev/TASS

LONDON, February 21. /TASS/. Rosneft and the Kurdistan Regional Government of Iraq signed an agreement on the sidelines of the IP week conference in London, which stipulates oil purchases by Russia’s top oil producer in the period between 2017 and 2019, Rosneft said in a press release on Tuesday.

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"Pursuant to the cooperation agreement the parties signed a pre-financed crude oil purchase and sale contract of Kurdistan Region crude oil over the period 2017-2019. The purchaser of crude will be Rosneft’s trading arm - Rosneft Trading SA," the report said.

The contract was signed as part of the cooperation agreement between Rosneft and the Kurdistan Regional Government of Iraq in the fields of upstream, infrastructure, logistics and trading.

"The off-take and supply of Kurdish crude oil into Rosneft's expanding worldwide refining system will further contribute to the increase in its effectiveness," Rosneft Chief executive officer Igor Sechin was quoted as saying. "We are delighted to be embarking on new activity together in the Kurdistan Region and look forward to developing new markets worldwide for Kurdish crude oil," he added.

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