Rosneft and NIC Sign Contract for Oil Products Supplies
Rosneft expands its presence at the oil products market of Mongolia. Within the Petersburg International Economic Forum Rosneft signed a 5-year term contract for oil products supplies with the leading importer of Mongolia – NIC. The document was signed by Rosneft President, Chairman of the Managing Board Igor Sechin and NIC LLC Executive director Sonomtseren Altantsetseg.
The signing ceremony was led by the President of the Russian Federation Vladimir Putin.
The overall cost of supplies – 1.3 bln US dollars, volume – more than 1.2 mln t, duration – June 2014 – May 2019.
The overall Mongolia market share of NIC accounts for 25%.
Rosneft is aimed at increasing the volumes of supplies to the Mongolian market – the Company already reached similar agreements with other local companies. This will allow Rosneft to supply up to 80% of the needs of oil products of the Mongolian market. Agreements will be signed in the nearest future.
It is worth noting that the agreements are signed with the ultimate consumers which allowed to tie up the economically attractive contracts for all the parties.
Commenting on the signing Igor Sechin said: “The Mongolian market has a great capability of growth and therefore it is important that Rosneft takes a firm position in it. At the same time the Company is aimed at the expanding of the mutually beneficial cooperation with Mongolian partners”.