Rosneft and Lukoil will cooperate

Rosneft and Lukoil entered into an agreement on long -term cooperation. Until May 15, companies will create joint working groups and on August 1 will determine the list of projects and cooperation mechanisms, RIA Novosti reports.

The parties will combine efforts in such areas as exploration, mining and transportation of hydrocarbons in areas in the Nenets Autonomous Okrug (NAO), and the development of the potential of the domestic market. It is also planned that Lukoil and Rosneft will conduct a joint marketing of associated and natural gas deposits of the Bolshekhtkaya and Vankor zones, mutual supplies of petroleum products, liquefied gases and petrochemical products for sales and production capacities of both companies.

“Given the successfully developing mutually beneficial cooperation and with the aim of increasing the profitability of existing projects, Rosneft and Lukoil agreed to combine efforts in the following areas: exploration, work in Rosneft licensed areas and the development of already open deposits within the framework of the current Russian legislation,” the companies confirm in companies.

In addition, fuel corporations will jointly look for opportunities to increase the efficiency of the sale of oil and gas products abroad. At the same time, for the implementation of the agreement, they intend to use existing logistics capacities.