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4-Traders Homepage  >  Equities  >  MOSCOW INTERBANK CURRENCY EXCHANGE  >  NK Rosneft' PAO    ROSN   RU000A0J2Q06

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NK Rosneft' : Rosneft Develops Projects in Iraqi Kurdistan

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09/18/2017 | 10:29am CEST

Rosneft has completed its due diligence on infrastructure of the export oil pipeline in Iraqi Kurdistan ('KROP') and will shortly finalise the legally binding documents on oil pipeline project under the Investment Agreement signed at St. Petersburg International Economic Forum in June 2017.

The Kurdistan Regional Government of Iraq and the Company intend further strengthen and develop cooperation and consider to expand Rosneft footprint in the region. The parties have negotiated Rosneft's opportunity to participate in the project on funding of the construction project of Kurdistan Region's natural gas pipeline infrastructure. It is expected that a separate agreement under this project will be finalized by year-end.

The Kurdistan Region gas pipeline will not only supply natural gas to the power plants and domestic factories throughout the region, but also enable exporting of substantial fuel volume to Turkey and European market in the coming years. The investment in the project will be on under a BOOT arrangement, to be recovered through tariff charges and an agreed rate of return basis. The pipeline capacity is expected to handle up to 30 BCMA for gas export, in addition to facilitating gas supply to the key domestic users.

Rosneft and Kurdistan Regional Government are negotiating implementation of the project for construction of gas pipeline system on a fast track basis. Commissioning of the pipeline and first domestic supplies are planned for 2019 and export supplies - 2020.

Successful implementation of the project under discussion will enable Rosneft to play a leading role in the building and expanding Kurdistan Region's gas transport infrastructure and create synergy with existing projects for development of the oil and gas fields of the 5 blocks awarded to the Company in the region.

Rosneft Information Division
tel.: + 7 (499) 517-88-97
18 September 2017

These materials contain statements about future events and expectations that are forward-looking in nature. Any statement in these materials that is not a statement of historical fact is a forward-looking statement that involves known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements expressed or implied by such forward-looking statements to differ. We assume no obligations to update the forward-looking statements contained herein to reflect actual results, changes in assumptions or changes in factors affecting these statements.

OJSC Oil Company Rosneft published this content on 18 September 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 18 September 2017 08:28:13 UTC.

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