Lukoil to supply Sinopec

Moscow General Director of LITASCO Gati Al-Jebuti and President of Unipec Asia Company Ltd. Dai Zhaoming have signed a framework agreement on oil supplies. The agreement calls for the Russian firm to export 3 million tons of oil produced from the Yuzhnoye Khylchiyu Field. The contract will be valid from July 1, 2009 through June 30, 2010 or up to the time the full contract value has been paid under the agreement. Over the last few years, LITASCO have sold under spot contracts 1 million tons of oil and 250,000 tons of fuel oil. (June 19, 2009)