Russian oil and gas major Rosneft has inked two term sheets with Egyptian energy importers for future supplies of liquefied natural gas (LNG), liquefied petroleum gas (LPG) and oil products.
Egyptian Natural Gas Holding Company (EGAS) has agreed to import LNG from Rosneft, and the term sheet signed yesterday defines key terms of the future cooperation between the energy companies in the area of LNG supplies.
Rosneft says that the implementation of the terms of the signed document will enable the company to access the high growth potential of the Egyptian gas market.
The second term sheet was signed by Rosneft and Egyptian General Petroleum Corporation (EGPC) for prospective supplies of oil and LPG.
The document, inked in continuation of agreements reached at the St. Petersburg International Economic Forum, defines key terms of cooperation between the companies in the area of oil products and LPG direct supplies.
Rosneft and EGPC expect binding agreements based on the agreed term sheet to be sealed within the third quarter of 2015.
Rosneft has been an accredited supplier of EGPC since the beginning of this. So far, Rosneft has gotten the right to supply 425,000 mt of oil products totalling approximately USD 150 million throughout April, May and June 2015.
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