Reference
The draft Agreement between the Government of the Russian Federation and the Government of Slovak Republic on Cooperation on the Long-Term Supply of Oil from Russia to Slovakia and Transit of Russian Oil across the Territory of Slovakia (hereinafter referred to as the Agreement) has been submitted by the Russian Ministry of Energy.
The current bilateral agreement on the long-term supply of oil from Russia to Slovakia of 14 December 1999 expires on 31 December 2014.
The new agreement aims to improve Russian-Slovak cooperation in the energy sector and sets forth the basic terms of cooperation in the oil sector.
In accordance with the Agreement, the Parties shall create favourable conditions for the supply of Russian oil to Slovakia for domestic consumption, totalling up to 6 million tonnes per year, and the transit of Russian oil across the territory of Slovakia to third countries, totalling up to 6 million tonnes per year.
Annual deliveries of oil for domestic consumption and transit stipulated by the Agreement shall be carried out based on contracts between Russian and Slovak commercial organisations.
The Agreement is valid until 31 December 2029, and can be extended for successive five-year periods, unless one of the Parties notifies the other Party in writing of its intention to terminate at least six months before the expiration of the initial or any subsequent term of the Agreement.