Russia’s Rosneft Increases Clout in Domestic Market

Rosneft increases its gas supplies on the domestic market with two agreements clinched on Wednesday.

“Rosneft holds significant gas reserves and monetizing this gas potential is one of the Company’s strategic goals,” said Igor Sechin, commenting on the 12 years agreement with Enel OGK-5.

Rosneft and Enel OGK-5 signed an agreement on the long-term gas supplies to Enel OGK-5 enterprises.

The company said it aims to maximize gas supplies in Russia on a long-term basis in order to expand its gas business in the domestic market.

Also on Wednesday, Sechin signed a cooperation agreement with Fortum CEO Alexander Chuvayev.

‘Under the document signed, by December 10, 2013 the parties will agree terms of the gas supply contract, which envisages that Rosneft will deliver 8.3 billion cubic meters of gas through 2019 inclusively,’ reads a note released by the company.