On December 2, 2013 Igor Sechin, Rosneft President and Chairman of the Management Board, and Arthur Alaverdyan, President of Oil Techno, signed a Shareholder Agreement as part of the plan to set up a joint venture. The JV’s primary objective will be to provide Armenia with stable supplies of high quality petroleum products through wholesale and retail operations within the territory of the country as well as through the development of corresponding infrastructure for storage and distribution of petroleum products in Armenia.
The agreement signed in the presence of Russian President Vladimir Putin and his Armenian counterpart Serzh Sargsyan is a step forward in implementation of the cooperation agreement seeking to set up a joint venture in marketing and distribution, which was signed between the parties on April 4, 2013.
