Rosneft and the Ministry of Energy and Water of the Lebanon Republic – Lebanon Oil Installations have reached an agreement providing for the transfer into Rosneft’s operational management of the oil products storage terminal in the city of Tripoli (the second largest city in Lebanon and the main port in the North of the country) for a term of 20 years.
The agreement also contemplates rehabilitation and expansion of the terminal.
Commenting on the reached agreement, Igor Sechin, Chief Executive Officer of Rosneft, said: “The implementation of projects in the Middle East is one of the strategic directions of company’s development. The agreement will allow Rosneft to strengthen its presence in the region and improve the efficiency of its existing integrated supply chains and also will contribute to the development of company’s international trading. We hope for further expansion of cooperation with Lebanon and for the implementation of other potential projects in the oil and gas sector in this country.”