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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  Public Joint Stock Company Rosneft Oil Company    ROSN

PUBLIC JOINT STOCK COMPANY ROSNEFT OIL C

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Public Joint Stock Rosneft Oil : Rosneft, Inter RAO and Taimyrneftegaz Agree to Work Together on Creating Energy Infrastructure

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05/19/2020 | 09:48am EDT

Vostok Oil (a company of Rosneft Group of Companies PJSC), Inter RAO PJSC, and Taimyrneftegaz JSC (part of Neftegazholding) have signed an agreement on cooperation on establishing energy infrastructure. The document provides for the construction of gas power plants and power grid complex to supply energy to a group of oil and gas fields of the Vostok Oil project.

The document was signed by Igor Sechin, Chief Executive Officer of Rosneft, Boris Kovalchuk, Chief Executive Officer of Inter RAO, and Eduard Khudainatov, President of Neftegazholding.

The document aims to provide electric power to a group of oil fields, as well as external oil and gas transportation facilities, the North Bay loading terminal, berths, and other Vostok Oil infrastructure facilities.

Following the implementation of the agreement, Inter RAO organizes the development of energy supply schemes for the Vostok Oil project, along with the design, procurement of equipment, and construction of energy infrastructure.

Cooperation between the parties in developing the energy infrastructure of the Vostok Oil project will ensure a significant economic effect. During the implementation of the agreement, it is supposed to use equipment manufactured in the territory of the Russian Federation.

Note for Editors:

The Vostok Oil project includes the Vankor cluster (15 fields, the largest of which are Suzunskoye, Tagulskoye, Bochnoye, and Vankorskoye fields), the West-Irkinsky block (Rosneft), the Payakha group of fields (Neftegazholding), and the fields of the East-Taimyr cluster.

The implementation of the Vostok Oil project will make it possible to develop the region's unique resource potential. The project's competitive advantage lies in its proximity to the Northern Sea Route, a unique transport corridor. Its use provides the opportunity to supply crude from the Vostok Oil fields in two directions at once--to European and Asian markets. The implementation of the project guarantees that the task to increase the cargo traffic on the Northern Sea Route up to 80 million tonnes by 2024 set by the President of the Russian Federation will be achieved.

Rosneft
Information Division
Phone: + 7 (499) 517-88-97
May 12, 2020

Disclaimer

OJSC Oil Company Rosneft published this content on 12 May 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 19 May 2020 13:47:04 UTC

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Financials (USD)
Sales 2020 78 087 M - -
Net income 2020 2 094 M - -
Net Debt 2020 55 623 M - -
P/E ratio 2020 45,3x
Yield 2020 3,50%
Capitalization 52 284 M 52 284 M -
EV / Sales 2019
EV / Sales 2020 1,38x
Nbr of Employees 325 600
Free-Float 11,3%
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Number of Analysts 15
Average target price 6,15 $
Last Close Price 4,95 $
Spread / Highest target 63,6%
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Igor Ivanovich Sechin Chairman-Management Board & Deputy Chairman
Gerhard Schroeder Chairman
Petr Ivanovich Lazarev Finance Director
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Robert W. Dudley Non-Executive Director
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