Cooperation between NIS and Chinese compny SINOCHEM

February 13, 2015

The two reputable companies are starting cooperation in the field of purchase In early February of this year, NIS delegation led by Maksim Kozlovsky, Deputy CEO, Director of Function for MTSS and CC, has signed a framework agreement on cooperation with the company Sinochem International Tendering, daughter company of the large Chinese company Sinochem. The official signing ceremony of the cooperation agreement was also attended by Du Ke Ping, Vice President of Sinochem Corporation. On behalf of Sinochem International Tendering, the contract was signed by Tie Lin Wang, Chief Executive Officer. In addition, the contract envisages implementation of a pilot project in the area of procurement of material and technical resources for NIS. An analysis of the achieved results is to be carried out after the completion of this business operation in order to assess all aspects of the specific business arrangement. Similarly, implementation of this contract is expected to minimize the risks of potential suspension of supplies caused by the geopolitical situation in the world, and generate significant savings in the procurement of material and technical resources which would stimulate our Company’s austerity measures in this segment as well. It is worth noting that Sinochem is one of four Chinese state-owned oil company and ranked 107th among the Fortune Global 500 corporations in the world and that its daughter company, Sinochem International Tendering, is in charge of implementation of procurement for the needs of the parent company, as well as other government and private companies in China.