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Rosneft signs 73 contracts under the SPIEF

June 11/2021

MOSCOW (MRC) -- Rosneft has signed 73 agreements for a total of Rb616.5 bn, including more than 50 contracts for the implementation of the Vostok Oil project for a total of Rb558.8 bn, the company said.

Rosneft, within the framework of the St. Petersburg International Economic Forum (SPIEF), signed contracts for the construction of high-priority facilities at Vostok Oil, power supply, aviation support, provision of services, supply of equipment, materials, special equipment and pipe products. These include an agreement with the United Energy Company (UEC) for the construction of hydraulic structures for the Port Bukhta Sever oil terminal, and an agreement with LenmorNIIproekt for design and exploration work on the second and third stages of the terminal construction.

In addition, the company signed an agreement with the Pipe Metallurgical Company on the supply of metal products for the timely implementation of construction and installation work at Vostok Oil. In turn, Inter RAO - Engineering will carry out design and survey work for the construction of facilities of the first stage of energy supply for Vostok Oil with a total capacity of more than 1 gigawatt.

Rosneft has agreed with Norilsk Nickel on the development of integrated logistics services for the Vostok Oil project within the framework of the SPIEF. The company also signed an agreement with partners on the maintenance of its own fleet of Vostok Oil aircraft, which implies the development of a special service center in Russia.

At the forum, Rosneft and the United Machine-Building Group signed an agreement on the transportation of the company's projects with special and road-building equipment, which is necessary, among other things, for the implementation of the first stage of Vostok Oil. The company has also agreed with Sodexo Eurasia LLC on the provision of catering, accommodation and comprehensive maintenance services for social facilities at the fields of the Vankor cluster.

As part of the SPIEF, Rosneft signed agreements with two international oilfield service companies: Schlumberger and Baker Hughes. An agreement was signed with Schlumberger for the implementation of innovative projects in Russia, and with Baker Hughes, an agreement was signed on cooperation in the field of carbon management. An agreement was also signed with SUEZ Water Technologies & Solutions SA on cooperation in the field of wastewater treatment and recycling technologies.

The company also signed agreements of intent in the retail business: with Inter RAO UES on cooperation in the development of low-tonnage production and sale of liquefied natural gas as a motor fuel and with Rosseti on cooperation in the development of charging infrastructure for electric vehicles.

Earlier it was reported that Rosneft intends to build a new polyolefin complex for the production of polyethylene (PE) and polypropylene (PP) based on Ufaorgsintez (UOS, Bashkortostan). The design capacity for the production of polyethylene is at least 250 thousand tons per year, and the granted license should provide the ability to produce 230-250 thousand tons per year of low-density polyethylene (HDPE), up to 20 thousand tons per year of linear low-density polyethylene (LLDPE ) and up to 10 thousand tons per year of linear polyethylene on a metallocene catalyst. At the moment, the capacities of Ufaorgsintez allow producing up to 90 thousand tons per year of high-pressure polyethylene (LDPE) and 120 thousand tons per year of polypropylene (PP).

According to MRC's ScanPlast report, Russia's estimated PE consumption totalled 744,130 tonnes in the first four month of 2021, up by 4% year on year. Shipments of all PE grades increased. At the same time, PP deliveries to the Russian market were 523,900 tonnes in January-April 2021, up by 55% year on year. Supply of homopolymer PP and PP block copolymers increased, whereas shipments of PP random copolymers decreased.

Rosneft is the world's largest publicly traded oil company. The company accounts for about 5% of global oil production, and its proven reserves in the international category will exceed 5 billion tons of oil equivalent. The structure of Rosneft includes the Angarsk Polymer Plant, the Lisichansk Refinery after the acquisition of TNK-BP and Ufaorgsintez (part of the Bashneft structure) after the closing of the transaction for the purchase of Bashneft on October 12, 2016. The main shareholder of Rosneft is the state-controlled Rosneftegaz (50% plus one share), another 19.75% is owned by British BP.
Author:Anna Larionova
Tags:petroleum products, PP, PE, neftegaz, petrochemistry, Rosneft, Ufaorgsyntez.
Category:General News
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