Russia's state-controlled oil company OAO Rosneft (ROSN.RS) and Cyprus-registered commodities trader Gunvor Group are discussing possible joint exploration and production projects, Rosneft said Tuesday.

Rosneft Chief Executive Officer Igor Sechin met with Gunvor's co-founder Gennady Timchenko and Chief Executive Officer Torbjorn Tornqvist Tuesday to discuss current cooperation in trading and logistics, as well as potential joint exploration projects that "would help expand the potential for partnership between the two companies," Rosneft said in a statement.

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