Marathon and Rosneft to Supply Crude to the U.S.
Marathon and Rosneft have signed a letter of intent to participate in Urals North American Marketing, a venture that would transport and market Urals crude to the North American market. The venture is subject to the signing of definitive agreements and obtaining necessary U.S. and Russian government approvals. Expected start up would be in third quarter of 2003.
UNAM is intended to help establish the U.S. as a significant long-term marketplace for Urals crude, while providing the U.S. with added diversity of crude oil supply. UNAM's goal will be to provide an efficient and cost effective means of moving crude oil from this increasingly important supply region to U.S. markets utilizing existing Russian and U.S. transportation and marketing infrastructure.