Tokyo, Japan - January 29, 2015
On January 22 JSOC Bashneft and Yokogawa Electric Corporation signed a Long-Term Partnership Agreement in the area of support of Ufa Refining Complex production facilities with Automatic Process Control Systems (APCS) and Field Instrumentation/Process Control Instruments (FI/PCI). The document was signed by Alexander Korsik, President, JSOC Bashneft and Shuzo Kaihori, Chairman and Chief Executive Officer, Yokogawa Electric Corporation.
The Agreement concerns the broadening of cooperation between the companies in development and supply of APCS systems and FI/PCI equipment; the design, start-up commissioning, and provision of technical support for Yokogawa equipment; and the provision of consulting to Bashneft specialists.
"Bashneft is consistent in its policy for implementation of innovative technologies and support of production facilities with modern automatic process control systems," noted Alexander Korsik, President of Bashneft. "This Agreement is a result of many years of successful cooperation between Ufa refineries and Yokogawa, the company that has significantly contributed to improvement of production efficiency and safety."
"We appreciate our long term successful partnership with Bashneft and would like to emphasize that Yokogawa will fully support Bashneft's sustainable development", noted Mr. Shuzo Kaihori, Chairman and Chief Executive Officer of Yokogawa Electric Corporation. He stated that Yokogawa wishes to jointly address all problems and challenges with Bashneft, and will contribute by providing services and solutions that strengthen safety management, increase availability and improve efficiency at Bashneft's plants.
About JSOC Bashneft
Bashneft is a vertically integrated company operating in more than 20 regions both in Russia and abroad. By the results of FY2014, the company is ranked the 6th in terms of crude oil production (17.8 million tons) and the 4th in terms of crude primary processing (21.7 million tons) among Russian oil companies. Bashneft is accountable for more than 3.4% of overall oil production and nearly 7.6% of overall oil processing in Russia. Company's proved reserves as of December 31, 2013 are estimated at 2.045 billion barrels by PRMS classification, replacement rate of proved reserves in 2013 - 133.7%, years of reserves - 18.
Yokogawa's global network of 86 companies spans 56 countries. Founded in 1915, the US$4 billion company conducts cutting-edge research and innovation. Yokogawa is engaged in the industrial automation and control (IA), test and measurement, and other businesses segments. The IA segment plays a vital role in a wide range of industries including oil, chemicals, natural gas, power, iron and steel, pulp and paper, pharmaceuticals, and food. For more information about Yokogawa, please visit the company's website www.yokogawa.com.