Rosneft, Petrocas Energy and Demiroren Group signed within the World Energy Congress Heads of Terms on cooperation and the supply of petroleum products to Turkish market.
The document envisages cooperation in exploring capabilities of Rosneft through partnership in Petrocas to supply up to 1 mln tons of oil Products to Demiroren Group in Turkey by utilising South Caucasus transit corridor and Black Sea ports of Russia and Georgia.
The implementation of heads of terms will allow Rosneft, Petrocas Energy, which is 49% owned by Rosneft, and Demiroren Group to strengthen their position in the market of petroleum products in Turkey, one of the leaders in the region in terms of GDP growth (according to the IMF forecast for 2016, it will increase by 3.8%) and a net importer of petroleum products. The domestic petroleum product market of the republic has a high growth potential which opens up broad prospects to increase Rosneft supplies.