Greek refinery Hellenic Petroleum signed a memorandum of cooperation to obtain crude by Russian oil giant Rosneft

Greek refinery Hellenic Petroleum (ELPE) signed a memorandum of cooperation to obtain crude by Russian oil giant Rosneft, which, in turn, will buy ELPE petroleum products, during a ceremony at Maximos Mansion on Friday night, attended by Prime Minister Alexis Tsipras and Russian President Vladimir Putin.
The memorandum was signed by ELPE CEO Grigoris Stergioulis and Rosneft CEO Igor Sechin.

According to the deal, the two sides will develop bilateral cooperation in the supply of crude and petroleum products. They also express their will to strengthen their relationship and determine, after analysis and evaluation, possible areas for a mutually beneficial cooperation. The aim of the MoU is to set the framework for discussions that will examine business opportunities and determine the conditions for future agreements and contracts.

“It is an important agreement which is part of the Group’s policy for extroversion. Thanks to this, important objectives have been achieved, which relate to finding adequate alternative sources of supply of petroleum products at very competitive prices,” Stergioulis said.

The two sides will also set up a working group to coordinate and promote the next steps in their cooperation and the exchange of know-how for their production, planning and optimization of their facilities. The MoU will be valid for a year, extendable by agreement.

Stergioulis will visit Russia, following an invitation by Sechin.