Rosneft and CNPC, Chinese National Petroleum Corporation expand strategic cooperation amid tough sanctions placed against the Russian oil giant by the West over the country’s alleged role in the Ukraine crisis.
Rosneft chief Igor Sechin and CNPC Vice President Wang Dongjin signed a document on further collaboration, including upstream projects in the Russia, refining in China (Tianjin Refinery). In March 2016, the parties are expected to make an investment decision regarding the Tianjin Refinery construction which may be completed by the end of 2019, says an official press release.
According to the corporate website, Rosneft and CNPC are currently closely working in the following areas:
• Crude supplies under a long-term crude sale and purchase agreement;
• Crude, oil products and petrochemicals export within the framework of tenders;
• JV LLC Vostok-Energy dealing with hydrocarbons exploration and production in the Irkutsk Region;
JV Vostok Petrochemicals aiming at the Tianjin Refinery construction and refined products sales in China and across regional markets.
Author: Mikhail Vesely