Finance
Rosneft, Eni sign extension to cooperation agreement
- Italian Eni and Russian Rosneft agree to further energy cooperation

Rosneft and Eni signed an extension to their agreement for further cooperation on refining, trading, logistics and marketing, petrochemicals, technology and in innovative sectors, the company announced on Wednesday.

The agreement was signed in Russian city Sochi in the presence of the President of the Russian Federation Vladimir Putin and the Italian Prime Minister Paolo Gentiloni.

"The meeting consolidated previous agreements for the joint development of exploration activities in the Russian Barents Sea and Black Sea, and will underpin further opportunities between the two groups, including the Zohr project," the statement read.

The Zohr gas field is an offshore natural gas field located in the Egyptian sector of the Mediterranean Sea.

The Egyptian Natural Gas Holding Company (EGAS) granted Eni approval for the Zohr development lease in February 2016.

According to the Eni's web page, Zohr is the largest gas discovery ever made in Egypt and in the Mediterranean Sea, which is capable of satisfying Egypt’s natural gas demand for decades.

"On the basis of the data acquired in the well and available geophysical evidence, the field may have a potential of up to 850 billion cubic meters of gas in place and is therefore one of the largest gas discoveries in the world," the web page states.

In terms of downstream operations, the parties will evaluate the use of Eni's technology for processing heavy oil residues at Rosneft’s refineries and cooperation in refining activities at German refineries where both companies are shareholders.

By Gulsen Cagatay

Anadolu Agency

energy@aa.com.tr

 

 

 

 

 

 

 

 

17 May,2017
FINANCE NEWS