E.U. Member Signs Big Oil Contract With Russia

Posted: December 5, 2014 in Technology and Energy

SOURCE: http://rbth.com/news/2014/12/05/russia_slovakia_sign_long-term_oil_delivery_deal_41982.html

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Russian Energy Minister Alexander Novak and Slovakian Industry Minister Pavol Pavlis signed a long-term agreement on deliveries of Russian oil to Slovakia and oil transit to other countries in Europe, an Energy Ministry spokesman said.

Under the agreement, Russia will deliver up to 6 million tonnes of crude oil to Slovakia each year and the same amount of oil for transit through Slovakia to third countries.

The contract takes effect on January 1, 2015 and is scheduled to expire on December 31, 2029.

The agreement will automatically be extended for a five-year period unless one of the parties notifies the other of cancellation no later than six months prior to the expiration date.

The current bilateral oil delivery agreement between Russia and Slovakia from December 14, 1999, expires on December 31, 2014.

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