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Tuesday 11 June 2013  

Rosneft and ExxonMobil have signed the final agreements on the establishment of an Arctic Research and Engineering Center and the sharing of technologies

WASHINGTON — Today, Rosneft and ExxonMobil signed the final agreements on the establishment of an Arctic Research and Engineering Center (Arctic Center) in Russia, as well as an agreement on the joint use of technologies in different parts of the world.

The Arctic Center (the complete official name of which is the Arctic Research and Engineering Center for Offshore Development) will provide a full range of services for the joint ventures between Rosneft and ExxonMobil in the field of scientific research and engineering and technical developments. In this respect, in the near future the main focus will be on projects in the Kara Sea.

At the initial stage, the Arctic Center will work in areas such as safety and environmental protection; ice, hydrometeorological and engineering geological studies; monitoring ice conditions; development of project planning criteria, as well as the evaluation and establishment of field development concepts. The Arctic Center staff will use Rosneft and ExxonMobil’s existing know-how to create environmentally safe and more efficient and effective technologies.

The President and Chairman of the Board of OJSC NK Rosneft, Igor Sechin, said, “The projects that are part of our strategic partnership with ExxonMobil create a number of challenges for the companies. The Arctic Center is a platform for development of the most relevant and efficient technologies that will be aimed at implementation of projects in environments that are difficult from the point of view of climate and technology. Environmental safety is a priority in our operations, and we are confident that the technologies developed at the Arctic Center will enable us to develop our joint projects in the safest and most effective way.”

“The last 90 years of technology and experience are crucial factors for success in ExxonMobil’s development of the Arctic. The establishment of the Arctic Research and Engineering Center and the agreement on technology sharing open up new opportunities for the joint application of knowledge and experience of Rosneft’s professionals and talented experts to resolve the following array of issues regarding the Arctic and deep-water projects," noted Sarah N. Ortueyn, President of ExxonMobil’s scientific and research company in the field of exploration and production, ExxonMobil Upstream Research.

These agreements contribute to the implementation of the long-term cooperation agreement signed by the companies in August 2011.

ExxonMobil will provide funding for the initial stage of research at the Arctic Center in the amount of USD 200 million . The next USD 250 million for continued joint research will be invested by Rosneft and ExxonMobil in equal shares. Partners’ Share Participation: Rosneft: 66.67%; and ExxonMobil: 33.33%. To improve the efficiency and management of resources and interaction between engineering and administration personnel, the Arctic Center’s staff will work as part of the specialist groups involved in the joint ventures of Rosneft and ExxonMobil in Moscow. At the initial stage, the Arctic Center will be staffed by specialists from ExxonMobil and Rosneft.

The agreements were signed in Washington by the President of Rosneft, Igor Sechin and by the President of ExxonMobil Upstream Research, Inc., Sarah N. Ortueyn, in the presence of the Chairman of the Board and Head of Exxon Mobil Corporation, Rex W, Tillerson, and other senior representatives of both companies.

As part of a business trip to Washington, representatives of the management of OJSC NK Rosneft and ExxonMobil also visited an exhibition entitled “Diaghilev and the Ballets Russes” at the National Gallery of Art.

The exhibition “Diaghilev and the Ballet Russes, 1909-1929: When Art Danced with Music” was organized in cooperation with the Victoria and Albert Museum in London with the financial support of Rosneft and ExxonMobil.