Rosneft, Russia's second largest lubricants marketer after Lukoil, and gas processing and petrochemicals company SIBUR have signed a long-term partnership agreement for the development, testing and implementation of lubricants and other oil products.
In accordance with the agreement, the parties will assess SIBUR's need for lubricants and other oil products and will work together to develop new lubricating materials suitable for the Company's equipment.
The parties also plan to pursue joint projects designed to replace imports of oil products. In addition, Rosneft and SIBUR will cooperate on training and technical consulting to improve personel expertise through an innovative approach to the supply of lubricants and other oil products.
The agreement will be in effect for five years and may be extended if the parties so agree.
SIBUR is a gas processing and petrochemicals company which owns and operates Russias largest gas processing business in terms of associated petroleum gas processing volumes, according to IHS CERA and is a leader in the Russian petrochemicals industry. As of 31 December 2013, the Group operated 26 production sites, had over 1,500 large customers operating in the energy, automotive, construction, fast moving consumer goods (FMCG), chemical and other industries in approximately 60 countries and employed over 26,000 personnel. In 2013, the Groups revenue was RR 269.8 (US$6.75) billion, the Groups EBITDA was RR 78.9 billion, and the Groups EBITDA margin was 29.2%.
Rosneft just last month, on August 28, 2014, signed a lube supply agreement with Avtovaz, Russias largest auto maker, which among other things, includes the supply of Rosneft lubricants for factory fill of Autovaz cars. The agreement also envisages the development, testing and introduction of lubricant materials and other Rosneft oil products required by AVTOVAZ businesses.
