Rosneft signs MoU with Mitsui

Rosneft President, Chairman of the Management Board Igor Sechin and Mitsui & Co., Ltd. President and Chief Executive Officer Masami Iijima signed a Memorandum of Understanding (MoU).

The document implies the creation of a joint working group in order to work out specific options of co-operation in the area of building and managing delivery chains of high-tech oil and gas pipes, setting up management of delivery chains and services concerning various Russian offshore exploration projects, and considering the ways of co-operation in the areas of oilfield services development and efficiency and quality improvement.

Background information

Mitsui & Co., Ltd is a diversified trading company, central part of the Mitsui Group, an amalgamation of manufacturing, trading and financial companies which comprises over 500 consolidated subsidiaries in Japan and worldwide, engaging in: integrated projects, in particular, in the energy and automotive industries; metallurgy, aerospace, mining and chemical industries; projects in the areas of finance, information technology, trading, transport, infrastructure development, etc.

The company is actively involved in the LNG business and in natural gas production in Australia, Russia and other countries. In Mozambique, Mitsui is involved in a natural gas production project, currently in the exploration stage. The Company also holds stakes in LNG plants in Russia (Sakhalin-2), Abu-Dhabi (UAE), Australia, Qatar, Oman, and Equatorial Guinea. Owns a fleet of 4 LNG tankers.

Adapted from press release by Hannah Priestley-Eaton

Read the article online at: https://www.worldpipelines.com/business-news/25022014/rosneft_signs_mou_with_mitsui/