Russia-based Rosneft has announced that it has signed and agreement with the Egyptian General Petroleum Corporation (EGPC) to supply oil products into Egypt.

“The signed document envisages cooperation in the area of Gasoil, Gasoline, Fuel Oil, LPG & Bitumen supplies allowing Rosneft to expand its portfolio of products delivered into North Africa,” said Rosneft.

“The cooperation with the Egyptian General Petroleum Corporation will enable Rosneft to supply products directly into Egypt increasing the company’s netbacks along the value chain.”

The Memorandum was signed at the St. Petersburg International Economic Forum by Igor Sechin, Chairman of the Management Board for Rosneft, and Tarek Al Molla, Chairman for the EGPC.

Source: Ship and Bunker