Russia’s state-run Rosneft oil company and Greece’s Hellenic Petroleum signed an agreement on key conditions for the supply of Russian crude to Greece and the trading of oil products, Sputnik news agency reported.

The agreement, inked after the talks between Russian President, Vladimir Putin, and Greek Prime Minister, Alexis Tsipras, and in their presence, will bring its cooperation to a new level as it lays the basis for direct contracts with Hellenic Petroleum on supplies of oil and oil products to Greek refineries, Rosneft said in a release.

Apart from that, the agreement gives Rosneft a possibility to realize oil products manufactured at Hellenic Petroleum’s oil refineries for bunkering and trading, the Russian news agency Tass informed.

The agreement will make it possible for Rosneft to raise economic efficiency of sales of oil and oil products and offer its partner more attractive prices and flexible supplies formats, the company said.