23:52 GMT12 July 2020
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    St. Petersburg International Economic Forum 2018 (64)
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    ST PETERSBURG (Sputnik) – Russia’s Rosneft said on Friday it had signed a memorandum of understanding on potential cooperation in implementation of projects in Africa with Nigeria’s Oranto Petroleum Limited.

    “At the XXII St. Petersburg International Economic Forum, Rosneft and Oranto Petroleum Limited (Nigeria) signed a memorandum of understanding on potential cooperation in the implementation of oil and gas projects in Africa. The Memorandum secures the intention of the Parties to study the existing Oranto portfolio, acquisition of new assets, implementation of projects in refining, commerce and logistics and monetization of gas on the African continent,” the statement reads.

    In addition, Rosneft also signed agreements on supplies of liquefied natural gas (LNG), oil and petroleum products with the Ghana National Petroleum Corporation.

    "As part of the XXII St. Petersburg International Economic Forum, Rosneft and the Ghana National Petroleum Corporation (GNPC) signed the package of documents assuming the delivery to the port of Tema (Ghana) over 12 years of the liquefied natural gas (LNG) in the volume of ca. 1.7 mmtpa (or 250 mln standard cubic feet per day), its regasification using the processing capacities of Tema terminal in order to subsequently supply the natural gas to GNPC," the statement of Rosneft reads.

    According to the statement, the parties also signed a framework cooperation agreement that envisages a joint study of high-priority directions of mutually beneficial cooperation in development of oil and gas fields, oil and oil product supplies.

    READ MORE: Sanctions Policy May Lead to Record High Oil Prices — Rosneft CEO

    The gas supplies from Rosneft, provided by the signed agreements, will satisfy a quarter of the energy demand of the African country, enhance its energy security, and prop Ghana’s role as a major LNG hub in the region, the document added.

    Rosneft CEO Igor Sechin said in the statement that the signed agreements opened up new horizons in Russia-Ghana cooperation. Moreover, the concluded deals brought new exploration, production, and trading possibilities for Rosneft, Sechin pointed out.

    Freddie Blay, the chairman of the GNPC board, in his turn, suggested that as a partner of the company, Rosneft would play a leading role in the development of Ghana's energy sector.

    Besides, Rosneft signed an agreement with Iraqi Kurdistan on a gas pipeline project in the region and agreed on long-term supplies of petroleum products with Mongolia.

    READ MORE: BP's Partnership With Russia’s Rosneft ‘Very Strong’ Despite Sanctions — Chief

    The SPIEF, held annually in Russia's second largest city of St. Petersburg, is a major global platform for communication between business representatives and the discussion of crucial economic issues. The event began on Thursday and will continue through Saturday. 

    Sputnik, a multimedia international news and information agency, is the official media partner of the forum.

    St. Petersburg International Economic Forum 2018 (64)


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