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Rosneft Extends the Contract for Crude Supplies to the Czech Republic with PKN Orlen
16 June 2016
Rosneft and Polski Koncern Naftowy ORLEN S.A. (PKN Orlen) have signed an extension of the contract for crude oil supplies to the Czech Republic at the XX St. Petersburg International Economic Forum. The document was signed by Rosneft Chief executive officer Igor Sechin PKN Orlen President Wojciech Jasinski and PKN Vice-president of the Management Board Slamwomir Jedrzejczyk.
The contract is extended for a period of three years (from 01.07.2016 to 30.06.2019) and provides for the potential increase of supply by Rosneft of up to 15.8 mln tons of crude oil to PKN Orlen.
The reached agreements are the result of the Company's successful strategy implementation in oil sales at its traditional markets. A leading resource base among public oil companies and access to infrastructure, in particular to the oil pipeline Druzhba, allow for a cost effective uninterrupted supplies of crude oil to refining facilities in Europe.
Increase in volumes of crude oil deliveries allows Rosneft to generate additional shareholder value of the Company through improvement of hydrocarbon sales efficiency and meets the consumers' interests, thereby strengthening the energy security of Europe.
Commenting the signed contract, Igor Sechin said: "PKN ORLEN S.A. is one of our key partners in the strategically important European market. Entering into a direct deal with end consumer allows avoiding of intermediary agents in the supply chain and thereby increasing efficiency for both parties. The Company seeks to increase supply volumes to the Czech Republic, which is one the most attractive markets in EU."
Notes for editors:
Rosneft and PKN Orlen have a common history of effective partnership relations.
On February, 1 2013 the companies signed the contract for the delivery of crude oil to Poland via the Druzhba pipeline. The said contract provided for the delivery of circa 18 mln tons of oil in the period of up to 31 January 2016. 31. In December 2015 Rosneft and PKN Orlen agreed to extend this contract for three year (from February, 1 2016 to January, 31 2019) and increase delivery volumes for the amount of up to 25.2 mln tons of oil.
June, 21 2013 the parties entered into the contract for the delivery of crude oil to the Czech Republic via the Druzhba pipeline. The said contract provides for the delivery of up to 8 mln tons of oil.
April, 30 2015 the companies concluded the addendum to the contract for the supply of crude oil to the Czech Republic via the southern branch of the Druzhba pipeline for the period from May, 1 2015 to June, 30 2016. The addendum provides for the increase of oil delivery volumes to PKN Orlen refinery in the Czech Republic by 120 thousand tons per month.
PKN Orlen is a leader of the refining market in Czech Republic. The company, represented by its subsidiary Unipetrol AS, is the owner and operator of 2 refineries in the country with an overall annual capacity exceeding 8 mln t.
Rosneft is the leader among the Russian companies in terms of volumes of oil deliveries to Europe. In 2016 the Company plans to increase oil deliveries to European consumers via the Druzhba pipeline by 3-5% versus 2015 up to the level of circa 28.7-29.0 mln tons.
Rosneft Information Division
Tel: + 7 (499) 517-88-97
Thursday, June 16, 2016
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These materials contain statements about future events and expectations that are forward-looking in nature. Any statement in these materials that is not a statement of historical fact is a forward-looking statement that involves known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements expressed or implied by such forward-looking statements to differ. We assume no obligations to update the forward-looking statements contained herein to reflect actual results, changes in assumptions or changes in factors affecting these statements.