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Rudaw

Kurdistan

Rosneft and Kurdish ministry sign long-term contract on oil and gas

By Rudaw 2/6/2017
The Minister of Natural Resources for the Kurdistan Regional Government Ashti Hawrami and Rosneft CEO Igor Sechin sign an oil agreement in Saint Petersburg, Russia, on June 2, 2017,  as the Kurdish Deputy Prime Minister Qubad Talabani and Prime Minister Nechirvan Barzani look on. Photo: KRG press office
The Minister of Natural Resources for the Kurdistan Regional Government Ashti Hawrami and Rosneft CEO Igor Sechin sign an oil agreement in Saint Petersburg, Russia, on June 2, 2017, as the Kurdish Deputy Prime Minister Qubad Talabani and Prime Minister Nechirvan Barzani look on. Photo: KRG press office

SAINT PETERSBURG, Russia — Russian oil giant Rosneft and the Kurdish government have signed a series of documents that aim to expand cooperation between the two sides “in exploration and production of hydrocarbons, commerce and logistics.”
 
A statement issued by Rosneft on Friday afternoon said that the documents were signed by Igor Sechin, Rosneft Chief Executive Officer, and Dr. Ashti Hawrami, Minister of Natural Resources for the Kurdistan Regional Government (KRG) ahead of a meeting between the Kurdish Prime Minister Nechirvan Barzani and Russian President Vladimir Putin at the St. Petersburg International Economic Forum.
 
“Rosneft and the Kurdistan Regional Government, as part of the XXI St. Petersburg International Economic Forum, signed a series of agreements on widening their cooperation in exploration and production of hydrocarbons, commerce and logistics,” Rosneft’s statement detailed.
 
“The crude is being delivered to the German refineries of Rosneft, which is indicative of our successful business diversification strategy. The Agreements are signed under the conditions profitable for the Company and set an example of well-weighed investments in one of the key Middle East regions,” Rosneft reported Igor Sechin as saying.
 
The deal was finalized on the sidelines of the economic forum that attracts leaders from 130 states and 12,000 people.
 
Currently, the Kurdistan Region exports oil products through a pipeline to world markets at the Turkish port of Ceyhan.
 
“The Parties signed an investment agreement under which they committed to develop cooperation in exploration and production, agreed on monetization of the export oil pipeline in Iraqi Kurdistan, as well as entered into a number of production sharing agreements,” read the statement.
 
Rosneft will gain access to the major regional transportation system with the throughput capacity of 700 thousand barrels per day, detailed the statement, “which is planned to be expanded up to 1 mln bbl per day by the end of 2017.”
 
The deal is a continuation and strengthening of one signed between the MNR and Rosneft in February, a contract on purchase and sale of crude for 2017-2019.
 
“The new agreements will allow to talk about full entry of the Company in one of the most promising regions of the developing global energy market with the expected recoverable reserves in the order of 45 billion bbl of oil and 5.66 trillion m3 of gas (according to the estimate of the Ministry of Natural Resources of Kurdistan Region). The agreements provide for further phased investments of Rosneft in Kurdistan Region,” read the statement.
 
The Kurdistan Region is currently exporting around 650,000 barrels of oil per day and is expected to increase its exports, mainly to the Turkish Ceyhan port by pipeline.

Last updated at 5 p.m., June 2


Comments

 
FreeSpeech | 2/6/2017
American companies were again offered privileged rights to the Kurdish fields but fell for Bagdads old trick just like back in 2004-2006, they'll loose money in any contract with Bagdad just like before because Iran has the last say there. Very good that the Kurdish government didn't sit around and found partners that are interested in devlopimg the Kurdish oil/gas and make a ton of money in the process, well done.
FAUthman | 2/6/2017
Wow, great news! revenue independence, then security independence, then sovereignty. Anyone that doubts that can go and whistle in the wind!
| 3/6/2017
Signature bonuses going into bank accounts that have no transparency or accountability, shares of revenues that only the ruling elite benefits from...how is that good for the people.?
Non kurd | 4/6/2017
Moral of the story...If the Americans want to be stupid and side with the mullah puppets then Kurdistan can find other partners to profit with.
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