Russian petroleum company Rosneft plans to deliver crude oil and establish a refining facility in the Philippines.
Rosneft said in a statement on its website it signed an agreement with PNOC Exploration Corp. and Pionaire Finance Ltd. on developing a cooperation deal early this month.
Rosneft said the signing of the agreement would lay the basis for the development of multilateral cooperation in oil and products trading and joint participation in oil refining projects.
“In particular, Rosneft and PNOC announced their intention to sign a strategic long-term contract in the near future for delivery of crude oil to the Philippine company,” the two companies said in a joint statement.
Rosneft said it would get an opportunity to enter one of the most attractive energy markets in the Asia-Pacific region through cooperation with the largest national company of the Philippines.
Rosneft’s main activities include prospecting and exploration of hydrocarbon deposits, oil, gas and gas-condensate production, upstream offshore projects, processing, as well as oil, gas and product marketing in Russia and abroad.
PNOC Exploration also signed an agreement last month for technical assistance from the National Iranian Oil Company to “conduct the preliminary review, evaluation, assessment of its proposed projects.”
The company is looking at investing in the development of Pazanan (oil and gas) fields and third phase of Darquain Field to supply gas to the proposed LNG liquefaction plant.
The Darquian oilfield, which is estimated to contain around 3.6 billion barrels of oil in-place, is located 30 kilometers north of Khorramshahr and 100 km south of Ahvaz in southern Iran.
The Pazanan oil field is considered as one of the huge gas condensate reservoir in Iran, estimated to have a total proven reserves of around 50 trillion cubic feet.
PNOC Exploration is also in coordination with NIOC as it plans to invest in the construction of an LNG liquefaction plant in Iran.
PNOC Exploration is also exploring the possibility of Iran supplying oil as feedstock of the proposed refinery in Mindanao.
“The refinery in Mindanao is projected to be built and put into operation within the next three years,” the company said.
PNOC Exploration president Pedro Aquino Jr. signed the agreement early this month with NIOC deputy head for development and engineering affairs Gholamreza Manouchehri.