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Igor Sechin Participates in BRICS Summit in Brazil

15 November 2019

During the visit of the President of the Russian Federation Vladimir Putin to the BRICS summit in Brazil, the Chief Executive Officer of PJSC Rosneft Oil Company Igor Sechin as part of the Russian delegation took part in a number of bilateral meetings with the leaders of the countries in which the Company's projects are being implemented

Those included negotiations of Russian President Vladimir Putin with Prime Minister of India Narendra Modi, Chairman of the People’s Republic of China Xi Jinping, and President of Brazil Jair Bolsonaro.

In addition, a meeting between Igor Sechin and Minister of Mines and Energy of Brazil Bento Albuquerque was held on the sidelines of the Summit. The parties discussed the Company’s gas production project in the Solimões Basin, as well as opportunities for deepening the cooperation in Brazil.

Note for Editors:

Cooperation with Brazil. Rosneft has been developing the hydrocarbon exploration and production project with gas potential in the Solimões River Basin, State of Amazonas. The Company owns 13 licence areas with a total acreage of about 32,600 square kilometres. According to the DeGolyer and MacNaughton’s estimates, the areas contain 60 billion cubic metres of conventional natural gas resources. There are 57 million tonnes of prospective oil and condensate resources and 176 billion cubic metres of prospective gas resources.

In June 2019, Rosneft Brasil (a wholly-owned subsidiary of Rosneft) and the Government of Amazonas State signed an agreement providing the Solimões project with tax incentives, assistance in the construction of the required infrastructure, and other benefits.

Cooperation with India. Rosneft has been actively developing an integral format of cooperation with the Indian partners involving the whole process chain from production to oil refining and marketing of oil products. Since 2016 the Indian companies ONGC Videsh Ltd., Oil India Limited, Indian Oil Corporation and Bharat Petroresources own 49.9% of Vankorneft subsidiary. This company is located in Krasnoyarsk province and is developing Vankor oil and gas condensate field - the largest among the fields that were discovered in Russia in the past twenty five years.

Also, a consortium of Indian companies (Oil India Limited, Indian Oil Corporation and Bharat Petroresources) owns 29.9% of the company Taas Yuryakh Neftegazodobycha which holds licenses for the areas of the Central Block of Srednebotuobinskoe Field and Kurungskiy license area (the other shareholders are Rosneft and BP). Production of oil and gas condensate here in 2018 was 2.9 mln tons which is more than 2 times higher versus 2017.

Since 2001 the Indian company ONGC Videsh Ltd is a shareholder of Sakhalin-1 Project (the other shareholders are Rosneft, ExxonMobil and the Japanese company Sodeco). In 2018 Sakhalin-1 project produced the total of more than 11.63 mln tons of oil and condensate. About 2.48 bcm of gas was supplied to the customers.

Rosneft owns the stock of shares (49.13%) of the Indian company Nayara Energy that includes world class assets such as refinery in Vadinar with a 20 mtpa capacity. This refinery is the second largest in India and is one of the most technologically advanced in the world. Nayara Energy business also includes a deep-water port which can harbor super large VLCC class tankers and one of the largest retail networks in India now comprising 5,400 gas stations.

 

Cooperation with China.

Over the past ten years, the annual supply of oil from Russia to China has increased 4.5 times, up to 52.6 million tons, oil products - 2 times, up to 6.3 million tons (data from the Federal Customs Service of Russia). In 2018, the Company's supplies to China amounted to almost 50 million tons of oil.

An example of the integral cooperation between Rosneft and Chinese partners is a joint venture with Sinopec - Udmurneft, which in 2007 a year after the company from China entered its capital, increased production and reached 6.4 million tons of oil per year. After 12 years, the company continues to demonstrate outstanding success. During this time, Udmurtneft reached a stable level of production - more than 6 million tons per year. Today this company is the largest hydrocarbon producer in the Udmurt Republic

In the middle of 2017, Rosneft and Beijing Gas completed the purchase and sale deal of 20% of shares in Verkhnechonskneftegaz PJSC, a subsidiary of Rosneft. Verkhnechonskoye field is one of the largest producing fields in East Siberia with developed infrastructure and access to the ESPO pipeline

Another important aspect of cooperation with China was Rosneft’s agreement with Beijing Gas, which sets out the basic conditions for creating a joint venture (JV) to build and operate a network of automobile gas-filling compressor stations (CNG filling stations) in Russia.  As part of the implementation of the signed agreement, the companies plan to build more than 160 CNG filling stations in Russia.

 As part of the IV Eastern Economic Forum in Vladivostok, Rosneft and China National Petroleum Corporation (CNPC) signed an Agreement on cooperation in the field of exploration and production in the Russian Federation.  Under the terms of the agreement, CNPC is able to acquire minority stakes in Rosneft’s large oil and gas projects, including those located in Eastern and Western Siberia.

 The China-Russian Eastern Petrochemical Company in Tianjin is implementing a project for the construction and subsequent operation of an oil refining and petrochemical complex in the Nangan industrial zone in China. The capacity of the plant for primary oil refining will be 16 million tons per year, and the complex for the production of aromatic hydrocarbons - 1.4 million tons per year for paraxylene, the refining depth - more than 95%.

Rosneft Information Division
 November 15, 2019