Rosneft, ChemChina partner in supplies, refining mutual investments

Rosneft, ChemChina partner in supplies, refining and mutual investments

5:08 AM, 23rd June 2015
Rosneft, ChemChina partner in supplies, refining and mutual investments
Rosneft and China National Chemical Corporation (ChemChina) signed at the St. Petersburg International Economic Forum a contract for crude oil supplies to the Chinese company.

ST PETERSBURG, RUSSIA: Rosneft and China National Chemical Corporation (ChemChina), one of the biggest petrochemical companies in the world, said they have signed a contract that envisages a delivery to China of 200,000 tonne of crude oil on a monthly basis, for a duration of 1 year.

The agreement signed at the St Petersburg International Economic Forum demonstrates the successful implementation of Rosneft strategy aimed at the diversification of supplies to the region’s key customers. The contract will maximize the delivery’s economic efficiency, while forming the basis for further development of cooperation with ChemChina, Rosneft said.

Moreover, within SPIEF-2015 Rosneft and ChemChina signed a memorandum of understanding (MoU) regarding the planned purchase by Rosneft of 30 percent stake of ChemChina Petrochemical Co Ltd (CCPC).

The document envisages Rosneft’s analysis of CCPC assets. It is assumed that the paying up of stocks will be performed from proceeds oil supplies to ChemChina. Moreover the signed MoU foresees the cooperation in the area of oil, oil products and petrochemical trading, the joint participation if FECPO project realization.

The implementation of the terms of the MoU will allow Rosneft to significantly shore up its position in the Asia-Pacific region and especially in China. Together with the project of construction of a refinery in China (implemented by Vostok Petrochemicals joint venture) the cooperation with ChemChina will allow Rosneft to obtain a new potential for the production and marketing of products along the whole value-chain to the end-customer.

“The signed Memorandum confirms the level of trust with our Chinese partners. We are sure that together we will enhance efficiency of one of the best companies in the region,” said Igor Sechin, CEO, Rosneft.

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