4 September 2016, 05:41 GMT
HANGZHOU (Sputnik) — The document was signed by Rosneft CEO Igor Sechin and ChemChina’s Ren Jianxin on the sidelines of Russian President Vladimir Putin’s meeting with his Chinese counterpart Xi Jinping in Hangzhou, China.
"The FEPCO project will become a new milestone in the partnership between our countries and will further strengthen Russian-Chinese economic ties. The creation of a joint venture will help us shape the development structure of the world’s one of the most advanced petrochemical projects that will have direct access to the Asia-Pacific market," Sechin told reporters in Hangzhou.
Under the agreement, Rosneft will hold a 60-percent share in the joint venture, while ChemChina will hold 40 percent.
