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Rosneft

Rosneft signs deal for Kurdistan Region crude

MOSCOW, February 21, 2017 – Rosneft and the Kurdistan Regional Government have signed an agreement on pre-financing oil exports from the semi-autonomous Kurdistan Region of Iraq.

 

While Rosneft is not the first in the race to market Kurdish crude – it joins commodity traders Glencore, Petraco and Vitol – the Russian entity is the first oil major to do so.

“We look forward to developing new markets for Kurdish crude oil,” Rosneft chief executive Igor Sechin said in a statement on Tuesday, adding that the collaboration could be expanded to include upstream operations and logistics.

Reuters quoted Minister of Natural Resources Dr Ashti Hawrami as saying that the deal unlocks fresh potential for co-operation.

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