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Lukoil and Rostec sign cooperation agreement

Russian oil and gas company LUKOIL signed a cooperation agreement with Rostec State Corporation. The agreement pertains the development of products and technical solutions that will contribute to the efficiency of production, transportation, processing, refining and sales of hydrocarbons and facilitate supplies of energy resources to consumers across various sectors of the economy.

LUKOIL plays a key role in Russia’s fuel and energy complex accounting for 15 per cent of national crude oil production and refining.

Rostec State Corporation is one of the largest Russian industrial companies with more than 800 research and production entities united under its umbrella. Rostec operates in a number of core business areas, such as aircraft engineering, radioelectronics, medical equipment production, advanced structural materials production among many others.

Preseident of LUKOIL Vagit Alekperov said that the two companies share a long history of cooperation. LUKOIL has been for many years supplying various fuels and a wide range of lubricants to businesses, incorporated in Rostec.

“LUKOIL purchases industrial equipment and IT-products from Rostec, while supplying it with our products,” said Mr Alekperov adding that that in the framework of the cooperation they will explore probable development scenarios for petrochemistry.

“Aside from basic polymer production projects, we are also looking into fine chemical industry. Fine chemicals are highly sought for by Rostec. LUKOIL conducts research to develop cutting-edge technologies, which might be used by Russian military-industrial complex,” said Vagit Alekperov.

President of Rostec Sergey Chemezov noted that the new agreement provides for an upgrade of LUKOIL’s infrastructure by introducing Rostec’s solutions for security, industrial automation, telecommunications and IT and remote work, the latter being of an especially great interest given the ongoing pandemic

“Our partners also express an interest in our unmanned aerial vehicles and the Mi-171A3 offshore helicopter designed for maintenance of offshore drilling platforms,” explained Mr Chemezov.

The press statement of LUKOIL emphasised that the continuous development of cooperation with the state corporation matches priorities of the state policy that addresses technological upgrade of energy enterprises with Russia-made innovative solutions and equipment, and contributes to promotion of high value-added products, offered by fuels and energy complex and the defense industry, at domestic and international markets.

The intentions, envisaged by the agreement, will be implemented by LUKOIL-Rostec joint working groups.

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