Metalloinvest and Rosneft announce partnership agreement

Andrey Varichev, CEO of Metalloinvest, and Igor Sechin, President of Rosneft, have signed a strategic partnership agreement in regards to the development of high-quality lubricant production in Russia.

The partnership envisages cooperation between the companies to study the impact of innovative lubricants on the service life and frequency of maintenance sessions of modern equipment parts at Metalloinvest’s enterprises.

Experts from the two companies will jointly conduct an audit of maintenance schedules and lubricants in use, with the view to develop a programme aimed at optimising expenses and reducing Metalloinvest’s total equipment maintenance costs; including through the application of new fuels and lubricants. According to the agreement, the introduction of new materials will be undertaken after receiving an approval from equipment producers.

Commenting on the signed agreement, Andrey Varichev, CEO of Metalloinvest, noted: “The cooperation of the leaders in the Oil and Metals&Mining industries opens up new opportunities to increase competitiveness of Russian industrial production. We expect that as a result of joint efforts we will be able to reduce operational expenses, and increase the efficiency of Metalloinvest’s operations. At the same time, Rosneft will be able to ensure the production of fuels and lubricants which comply with the highest technological standards.”

Igor Sechin, President of Rosneft, commented: "We welcome these agreements which lay the basis for our strategic cooperation with leading Russian industry groups. Rosneft will supply lubricants and oil products to various group assets on attractive financial terms and without interruption. We believe that, in the face of the challenges of today's economic and political environment, our companies need to join efforts aimed at making domestic industries more competitive."