Rosneft and Kurdistan regional government of Iraq signed an offtake contract

Russia's Rosneft and the regional government of Iraqi Kurdistan signed a three-year contract on the purchase of oil to deliver it to its refineries abroad, the Russian company said on Tuesday, according to Sputnik agency.

The off-take and supply of Kurdish crude oil into Rosneft's worldwide expanding refining system will further contribute to the increase in its effectiveness," Rosneft CEO Igor Sechin said in a statement.

According to the source, the 2017-2019 pre-financed crude oil purchase and sale contract, part of a cooperation agreement in the fields of upstream, infrastructure, logistics and trading, was signed on the sidelines of the International Petroleum Week conference in London.