Rosneft, Sakhalin Region Sign Cooperation Agreement (Russia)

Rosneft President Igor Sechin and Sakhalin Region Governor Alexander Khoroshavin have signed an agreement as part of the APEC Summit on the Company’s cooperation with the region. The agreement envisages the implementation of projects to develop Sakhalin’s hydrocarbon deposits.

The parties reached agreements on the creation of favourable conditions for the geological study of the island’s deposits, boosting the efficiency of prospecting and oil and gas field exploration and improving oil recovery. The application of innovations and creation of information resources in this domain should help solve resource replacement challenges.

Environmental projects on Sakhalin take pride of place in the cooperation plans. With support from the Sakhalin regional government, Rosneft will continue its activities to preserve and improve the environmental situation and to rebuild and improve oil and petroleum product spill prevention infrastructure.

Given the intensity of Rosneft’s production activities on Sakhalin and the Company’s important role in forming the region’s budget, the parties agreed to plan and execute joint efforts to implement highly effective projects, stimulate investment activity and attract additional revenue for the region’s budget.

Significant emphasis in the agreement is also placed on supporting the community, creating new jobs and developing sport.

The agreement serves to drive stable economic growth in the region, to improve the investment climate for the Company and to tackle the Sakhalin region’s social challenges.

[mappress]

Press Release, September 07, 2012