Shell and Rosneft Ink Deal on Strategic Cooperation

On July 6 2007 Rosneft Open Joint Stock Company and Royal Dutch Shell concluded an Agreement on Strategic Cooperation. The agreement was signed in Moscow by Rosneft President Sergey Bogdanchikov and Shell Chief Executive Jeroen van der Veer.

The Agreement provides the opportunity for joint implementation of upstream and downstream oil and gas projects. It sets the basic principles of strategic cooperation between the two major international energy companies and lays the foundation for a long-term cooperation between Shell and Rosneft both in Russia and elsewhere.

Commenting on the signing of the Agreement on Strategic Cooperation, Rosneft President Sergey Bogdanchikov said: "The agreement reached today will allow our companies to seriously widen the scope and geography of our work. There is no doubt that cooperation between Rosneft and Shell will be beneficial not only from commercial perspective - it is equally important to share experience and technologies". Rosneft CEO also stressed that the agreement between the two major international publicly traded companies is in the best interest of all their shareholders".

Jeroen van der Veer said: "Russia is a strategic growth area for Shell and we are committed to developing our business in cooperation with Russian companies across the entire range of the energy business. Shell with its global experience of applying technologies in an integrated way will complement Rosneft's strengths and experience on the Russian market. We look forward to successful cooperation with Rosneft, one of the leaders of Russian oil and gas sector."