Russia’s oil giant Rosneft and the Kurdistan Regional Government of Iraq have signed an agreement in the fields of upstream, infrastructure, logistics and trading, a report said.

The parties also signed a pre-financed Crude Oil Purchase and Sale Contract of Kurdistan Region Crude oil over the period 2017-2019, reported Iraq Business News.

 The purchaser of crude will be Rosneft’s trading arm – Rosneft Trading SA.

Rosneft chief executive officer Igor Sechin said: “We are delighted to be embarking on new activity together in the Kurdistan Region and look forward to developing new markets worldwide for Kurdish crude oil. The off-take and supply of Kurdish crude oil into Rosneft’s expanding worldwide refining system will further contribute to the increase in its effectiveness.”