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Rosneft & Beijing Gas Set Up a Joint Venture to Develop a Network of CNG Filling Stations

Source: www.gulfoilandgas.com 11/29/2018, Location: Asia

An agreement to set up a joint venture for construction and operation of a network of CNG stations in Russia on the basis of Vankor UTT was signed by Rosneft and Beijing Gas Group Company Limited (hereinafter, Beijing Gas) during the first Russian-Chinese Energy Business Forum. Under the agreement, Beijing Gas will have a 45% stake.

Pursuant to the document, the parties will build about 170 CNG stations in Russia, and consider the options of using LNG as a motor fuel. The document will enable the development of strategic cooperation between the partners in the use of natural gas as an ecological fuel.

Development of the CNG station network in Russia is among key priorities of Rosneft's Retail Business: the use of CNG as a motor fuel will increase the effectiveness of vehicles operation due to transportation cost reduction, and reduce a negative environmental impact of motor vehicles. It is consistent with Rosneft-2022 Strategy and with the Instruction of the RF President concerning the need to develop a market for natural gas a motor fuel.

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Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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