Russian state oil company OAO Rosneft (ROSN.L) said that it attracted strategic investments of pension capital funds and financial institutions on principles similar to project financing in the ambit of the development of the Italian company.
An agreement was signed that envisages the acquisition from an international consortium of banks including Unicredit, Intesa, Clessidra fund a 50% share in the company, holding a 26.19% stake of Pirelli & C. S.p.A.
The deal criteria are determined on the basis of 12 euro per share price. The closing of the deal, including the transfer of ownership for the shares and the changes in the BoD of Pirelli & C. S.p.A., will come off upon the approval of regulatory agencies.
In a separate press release, Rosneft and PetroVietnam Oil Corp. signed an agreement, defining major terms for long-term oil supplies to Dung Quat Oil Refinery in Vietnam. The agreement provides supply of the ESPO oil up to 6 million tons annually via Kozmino terminal in 2014-2039 after the accomplishment of the final stage of the refinery modernization.
Separately, Rosneft stated that it expanded its presence at the oil products market of Mongolia. Within the Petersburg International Economic Forum Rosneft signed a 5-year term contract for oil products supplies with the leading importer of Mongolia - NIC.
The overall cost of supplies - $1.3 billion, volume - more than 1.2 mln t, duration - June 2014 - May 2019.
The overall Mongolia market share of NIC accounts for 25%.
Rosneft is aimed at increasing the volumes of supplies to the Mongolian market - the Company already reached similar agreements with other local companies. This will allow Rosneft to supply up to 80% of the needs of oil products of the Mongolian market. Agreements will be signed in the nearest future.
Additionally, Rosneft, North Atlantic Drilling Ltd. and Seadrill Limited signed an Investment and Cooperation Agreement at the 18th St. Petersburg International Economic Forum to form a long-term partnership with a view to capture the opportunities in developing Rosneft's offshore and onshore projects until at least 2022.
The agreement contemplates Rosneft acquiring a significant stake in North Atlantic Drilling Ltd. with the latter entering Russia's onshore drilling market, and signing of long-term contracts for onshore and offshore drilling. The parties also signed a letter of award for 6 harsh environment offshore drilling rigs. Overall, the use of up to 9 offshore drilling rigs is contemplated.
In addition, Rosneft Group and PDVSA signed a long-term contract for oil and oil products supplies by the Venezuelan company on a pre-paid basis.
The document envisages the supplies of over 1.6 mln t of oil and 7.5 mln t of oil products within 5 years. The pre-payment within the contract will be $2 billion.
For comments and feedback contact: editorial@rttnews.com
Business News