Rosneft became Russia's leading extraction and refinement business following the purchase of assets belonging to oil company Yukos.

Rosneft enters Egyptian LNG market

MOSCOW, August 28, 2015 – Russia’s majority state-owned oil company Rosneft is marking its entry into the international LNG market with supply and purchase agreement in Egypt, the company said on Thursday.

Rosneft signed the deal with the state-owned Egyptian Natural Gas Holding Company during a visit to Moscow by Egyptian President Abdel Fattah el-Sisi.

“Implementation of the provisions of the signed documents will, in the long term, open access for Rosneft to the Egyptian gas market, which has a significant growth potential,” the company said in a statement.

Egypt consumed 48 bcm (1.69 tcf) of natural gas in 2014 and 51.4 bcm (1.82 tcf) in 2013, according to the BP Statistical Review 2015, and relies on imports to meet domestic demand.

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