Rosneft signs oil and gas deals with Ghana and Mongolia

Rosneft has signed agreements to supply oil and gas products to Mongolia and Ghana at the XXII St Petersburg International Economic Forum.

Under the deal with Ghana National Petroleum (GNPC), Rosneft will supply liquefied natural gas (LNG) to the port of Tema.

The deal will see the delivery of around 1.7Mtpa of LNG for a period of 12 years.

Before delivery to GNPC, the LNG is subjected to regasification using the processing capacities of Tema terminal.

The gas supplies are expected to meet around 25% of Ghana’s energy demand, strengthening its energy security.

Rosneft CEO Igor Sechin said: “The signed documents open a new stage in the development of cooperation between Russia and the Republic of Ghana.

“Today, Ghana has placed itself among dynamically developing world economies with the energy demand growing year on year. Being a global energy company, Rosneft is capable of meeting this demand including also through LNG and natural gas supplies.”

The company expects that the LNG supply deal will pave the way for exploration, production and trading opportunities in the country.

In addition, Rosneft has signed a cooperation agreement with GNPC to undertake a joint study of high-priority directions of mutually beneficial cooperation in development of oil and gas fields, as well as product supplies.

The deal reached by the company with Mongolian importers of oil products is valued at around $2.1bn.

Under the agreement, Rosneft will supply gasoline and diesel fuel.

The deal is expected to strengthen the company’s position in the Mongolian oil product market.