Rosneft and CEFC China Energy Company Limited signed a cooperation agreement and a contract for the supply of Russian crude oil at the 9th BRICS summit on September 3, 2017.
The documents were signed by Rosneft´s CEO Igor Sechin and Chan Chauto, CEFC China President.
The strategic cooperation agreement suggests developing joint exploration and production projects in Western and Eastern Siberia and represents an evidence of an integrated approach of the Chinese corporation to its cooperation with Rosneft. The Agreement also provides for a joint activity in such areas as refining, petrochemicals and crude and product trading.
In addition, at the BRICS summit Rosneft and CEFC signed a contract for the supply of Russian crude oil, opening up new opportunities for the strategic partnership.
This contract will lead to an increase in direct supplies of crude oil to the strategic Chinese market and ensure a guaranteed cost-efficient export channel for the company's crude sales.
Igor Sechin said: «We continue our work on strengthening the relationship with our strategic partners, including certainly CEFC, the largest Chinese private energy company, aiming for a long-term cooperation in all the areas of Rosneft’s business activity. The agreements signed today fully reflect the company's strategy, which priorities includes strengthening the relations with the Asia Pacific countries and, in particular, with China.»
Chan Chauto said: «We are convinced that the Russian oil and gas sector has a tremendous potential and interested in an integrated cooperation with Rosneft. We will use our trading capability and build up the supply of Russian crude to the fast-growing Chinese market. In addition, we are planning joint investments in the strategically important projects in the Russian oil and gas sector.»
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