Rosneft Oil Company: Rosneft signs cooperation agreement with Sakhalin region

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

The parties reached agreements on the creation of favourable conditions for the geological study of the islands 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 Rosnefts production activities on Sakhalin and the Companys important role in forming the regions budget, the parties agreed to plan and execute joint efforts to implement highly effective projects, stimulate investment activity and attract additional revenue for the regions 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 regions social challenges.

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Source: http://www.rustocks.com/index.phtml/Pressreleases/0/1/31623

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