Petroleum importers Magnai Trade and Sunkhlai signed an agreement with Russian Rosneft Oil Company for a 5-year term oil products supply during the St. Petersburg International Economic Forum. The agreement was signed by Rosneft President, Chairman of the Managing Board Igor Sechin and NIC LLC Executive Director Sonomtseren Altantsetseg, according to Rosneft`s official website.

The duration of the term of the contract is from June 2014 to May 2019. The overall cost of the supply is 1.3 billion US dollars, with a volume of more than 1.2 million tones.

The Russian oil giant also intends to increase the volumes of supplies.

The Government Implementing Agency, Petroleum Authority of Mongolia and Rosneft also signed cooperation agreement. The document was signed by Rosneft President, Chairman of the Managing Board Igor Sechin and Chairman of the Agency Gungaajav Ulziiburen.