Rosneft signs supply deal with Egypt

LNGcarrier-KenHodge-flickrThe supply deals involve LPG, LNG, bitumen and benzene. (Image source: KenHodge/Flickr)Egypt and Russian oil producer Rosneft have signed two deals for the supply of petroleum products and liquified natural gas to Cairo

The North African nation’s oil ministry said that the deals include the supply of benzine and bitumen, as well as 24 LNG cargoes for the state-run gas company EGAS for a period of two years, beginning Q4 2015.

Under the terms of the agreements, Rosneft also plans to supply Egypt with liquefied petroleum gas (LPG) – a step Rosneft officials hoped would lead to more deals to supply LPG to North Africa.

The deals are expected to enable Rosneft access the high-growth potential Egyptian gas market, deepen broader cooperation between the two companies as well as enhance its presence in the global market, said its officials.

The Russian oil producer Rosneft does not produce its own LNG yet but plans to launch production jointly with ExxonMobil after 2018, stated a report in Reuters.

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