Home > Latest News > Russian Oil Giant To Enter Armenian Market

Russian Oil Giant To Enter Armenian Market

Russia’s largest oil company controlled by the Kremlin looks set to gain a foothold in Armenia, a development that could reshape the Armenian fuel market dominated by a handful of government-linked businessmen.

Igor Sechin, the powerful chairman of the Rosneft giant, and the chief executive of an Armenian company signed a tentative agreement on the creation of a joint venture specializing in fuel sales during a visit to Yerevan on Thursday.

The little-known company, Oil Techno, supplies lubricants to Russian agricultural businesses, transport companies and food producers.

The agreement was signed after Sechin’s separate meetings with President Serzh Sarkisian and Prime Minister Tigran Sarkisian. The latter was present at the signing ceremony held in his office.

Armenian News

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