The logo of Russia's top crude producer Rosneft is seen on a price information board of a gasoline station, with the Ostankino television and radio tower seen in the background, in Moscow July 17, 2014 (Photo: Reuters)
Egypt and Russia's top oil producer Rosneft have signed two initial deals for the supply of petroleum products and liquefied natural gas to Cairo, the two sides said on Tuesday.
The oil ministry said in a statement the deals include the supply of benzine and bitumen, as well as 24 LNG cargoes for state gas company EGAS over two years starting from the fourth quarter of 2015.
The deals "will allow Rosneft to access the high growth potential Egyptian gas market and deepen broader cooperation between the two companies," Rosneft said in a statement on its website.
"In addition, the cooperation with EGAS will allow Rosneft to strengthen its position in the global LNG trading market."
Rosneft does not produce its own LNG yet but plans to launch production jointly with ExxonMobil after 2018.
Under the terms of the agreements, Rosneft also plans to supply Egypt, the most populous Arab country, with liquefied petroleum gas (LPG), a step Rosneft said it hoped would lead to more deals to supply LPG to North Africa.
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