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Igor Sechin Made a Working Visit to Egypt

27 March 2017

President of Egypt Abdel Fattah el-Sisi hosted the participants of the consortium, developing the gas field Zohr: Rosneft Chief executive officer Igor Sechin, Eni Chief executive officer Claudio Descalzi, BP Chief executive officer Bob Dudley.

The parties discussed the cooperation with Egyptian authorities and business partners (the stae-owned Egyptian Natural Gas Holding Company is a member of the joint venture Petroshouruk, the project’s operator).

Igor Sechin informed Abdel Fattah el-Sisi on the status of Rosneft’s acquisition of a share in the Zohr field development project. The closing of the deal is expected in Q2 2017. The Head of Rosneft also informed on the increase of energy sources supplies to Egypt: in 2016 alone the Egyptian General Petroleum Corporation acquired from the Company 1.32 mmt of oil products, the Egyptian Natural Gas Holding Company – 174 thousand t of LNG.

Справка:

In December, 2016 Rosneft signed an Agreement to purchase from Eni a 30% share in the concession agreement for the development of the Zohr gas field (with an option to increase the share by a further 5%) and of a 15% share in the project’s operator. The field is located in Egyptian territorial waters and is one of the biggest discovered lately. Rosneft becomes the participant of the project along with global majors, and its strategic partners Eni and BP. After the closing of the deals between Rosneft, Eni and BP the shareholder’s structure of the concession agreement might be formed as follows: Eni – 50%, Rosneft – up to 35%, BP – up to 15%.

In 2017 Rosneft Trading SA, a company of Rosneft group, and the Egyptian Natural Gas Holding Company signed a contract for the delivery of 10 LNG cargoes in 2017. The first delivery is expected to be performed in May.

Rosneft Information Division
Tel.: + 7 (499) 517-88-97
March 27, 2017