15:46 GMT25 February 2021
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    2016 Eastern Economic Forum in Russia's Vladivostok (41)
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    Major energy companies of Russia and Thailand have inked a cooperation deal at the Eastern Economic Forum in Vladivistok.

    VLADIVOSTOK (Sputnik) — Rosneft CEO Igor Sechin and PTT Public Company Limited President and CEO Tevin Vongvanich signed a cooperation agreement on Friday on the sidelines of the Eastern Economic Forum (EEF), the Russian company said in a statement.

    "The document sets the ground for multilateral cooperation development between the companies in the areas of upstream, crude and oil product trading, refining, petrochemical projects, and LNG [liquefied natural gas] supplies," the statement reads.

    According to the press release, the parties confirm their intention to sign a long-term contract to supply crude oil and other feedstocks to the Thai company in the near future.

    "Through cooperation with the largest energy company in Thailand Rosneft will enter one of the most lucrative energy markets in the Asia-Pacific Region. The country's economy demonstrates stable growth, which allows to forecast a further increase in demand for energy sources," the press release added.

    The EEF kicked off earlier in the day on Russky Island, near the eastern Russian city of Vladivostok. The forum, which is due to run through Saturday, is expected to attract some 2,500 participants, from countries including China, Japan, South Korea, India, Vietnam, Australia, the United States and Singapore.

    2016 Eastern Economic Forum in Russia's Vladivostok (41)


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