Rosneft President, Chairman of the Management Board, Igor Sechin and AVTOVAZ President Bo Inge Andersson signed an Agreement of development of strategic cooperation, which, as announced in an August 28 press release by Rosneft, significantly expands the scale of partnership between the companies. This agreement is an extension and expansion of an agreement previously signed.

Among other things the document envisages the development, testing and introduction of lubricants and other Rosneft oil products required by AVTOVAZ businesses and the possibility of closing of long-term contracts for the supply of AVTOVAZ production facilities with lubricants and oil products.

Commenting on the signing Igor Sechin said “Such an agreement with the leader of the Russian car industry opens new perspectives for Rosneft that will allow both boosting the sales and increasing the quality of its products, by receiving and analyzing end-customer feedback".

Also, the agreement envisages Rosneft sponsorship of the LADA SPORT ROSNEFT auto sports team. After the signing AVTOVAZ President Bo Andersson stated “Racing is a critical part of the new AVTOVAZ. It is about competitions and team work. Today at AVTOVAZ we are all focused on execution of new products and on making LADA customers proud again to drive LADA products. That is why partnership with Rosneft is of major importance for us. Rosneft is one of the strongest oil companies in the world and the strongest in Russia. From now on, AVTOVAZ and Rosneft have new mutual commitments. Together we will achieve new triumphs!”