Hellenic Petroleum : Memorandum of Understanding between Hellenic Petroleum and Rosneft

A Memorandum of Understanding for the Heads of Terms for Crude and Petroleum Supply was signed between Hellenic Petroleum's CEO Grigoris Stergioulis and Rosneft's CEO Igor Ivanovich Sechin, on Friday afternoon at the Maximos Mansion. The MoU was signed in the presence of Greek Prime Minister Alexis Tsipras and President of the Russian Federation, Vladimir Putin.

According to the MoU, both Hellenic Petroleum and Rosneft intend to develop bilateral cooperation in regards to the supply of crude oil as well as of petroleum products. At the same time, they express their willingness to strengthen their relationship and to determine-following research, analysis and assessment- possible areas for mutually beneficial cooperation. The aim of the MoU is to set the context for the launch of the discussion process, where business opportunities will be examined and basic conditions will be determined, leading to future agreements and contract signing.

A joint working team will be formed by the two companies, which will meet as often as required, in order to coordinate and promote the next steps of the cooperation. Hellenic Petroleum and Rosneft are willing to share expertise and best practices for the production process, as well as the planning and optimization of the operation of their facilities.

The MoU will be in force for a period of one year; however, with a written consent signed by both parties, the duration of the MoU may be extended.

After signing the agreement, the CEO of Hellenic Petroleum .Mr. Grigoris Stergioulis stated: 'This is an important agreement which is part of the Group's policy for extroversion. Thanks to this, important goals have been achieved, related to finding adequate alternative sources of supply of petroleum products at very competitive prices.'

Rosneft's CEO Mr. Sechin invited his counterpart of Hellenic Petroleum for an official visit to Russia, which Mr. Stergioulis accepted.