Rosneft Signs Memorandum of Understanding with Marubeni-Itochu Steel Inc

On 4 February 2014 Igor Sechin, Rosneft President and Chairman of the Management Board and Yasuo Matsuura, President and CEO of Marubeni-Itochu Steel Inc., signed a Memorandum of Understanding.

The document envisages a joint study of possibilities for cooperation in implementing of an integrated materials management system and maintenance of premium pipe products.

As part of the Memorandum the parties plan to establish a joint working group to undertake a detailed analysis of areas of cooperation between the companies, and possible participation in a pilot project.

The Memorandum is not a legally binding document.