21:34 GMT +320 January 2020
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    Russia Holds Its First Eastern Economic Forum (44)
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    According to Rosneft CEO, the total volume of cooperation with the company's Chinese partners may soon amount to $500 billion.

    VLADIVOSTOK (Sputnik) – The volume of cooperation between Russian oil giant Rosneft and its Chinese partners will surpass $500 billion before 2035, Rosneft CEO Igor Sechin said at the Eastern Economic Forum on Friday.

    "Taking into account mutual trade and the existing contracts, the total volume of cooperation of our company [with the Chinese partners] before 2035 will amount to $500 billion at the current prices," Sechin said.

    In June, Russia outpaced Saudi Arabia as the main oil exporter to China.

    Later that month, Rosneft and the China National Chemical Corporation (ChemChina) signed a contract at the St. Petersburg International Economic Forum for the delivery of 220,000 tons of crude oil per month to the Chinese company.

    Earlier Friday, Sechin told reporters that ChemChina was intending on acquiring "major" shares in the Far East Petrochemical Company (FEPCO), a subsidiary of Rosneft.

    According to the CEO, Rosneft signed a number of documents with ChemChina with their total investment potential standing at over $30 billion on Thursday.

    The first Russian Eastern Economic Forum is currently underway in the city of Vladivostok in the Russian Far East. The event is being held as a platform for dialogue between international investors, the Russian government and countries of the Asia-Pacific Region.

    Russia Holds Its First Eastern Economic Forum (44)
    cooperation, oil, Eastern Economic Forum, Rosneft, Igor Sechin, China, Russia
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