17:28 GMT +325 May 2018
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    Rosneft stand in the Expoforum exhibition center before the opening of the 20th St. Petersburg International Economic Forum

    Rosneft, Sinopec to Agree on Share Sales by Fall

    © Sputnik / Ramil Sitdikov
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    Russian company’s chief executive said that Russian oil company Rosneft and China Petrochemical Corporation (Sinopec) will make a final decision on the sale of 49 percent in two Rosneft subsidiaries by early September.

    BEIJING (Sputnik) Russian oil company Rosneft and China Petrochemical Corporation (Sinopec) will make a final decision on the sale of 49 percent in two Rosneft subsidiaries by early September, the Russian company’s chief executive said Saturday.

    Sinopec is considering buying shares in Rosneft’s East-Siberian Oil and Gas Company (Vostsibneftegaz) and Tyumenneftegaz (TMNGG).

    "We are continuing negotiations with Sinopec. We have agreed during the recent talks to announce the final decision by the start of the forum in Vladivostok," Rosneft CEO Igor Sechin said.

    The second Eastern Economic Forum (EEF) in the Russian city of Vladivostok is scheduled for September 2-3.

    On Saturday, Russian President Vladimir Putin and Chinese President Xi Jinping attended in Beijing the signing of memoranda by Rosneft’s Igor Sechin and Sinopec chairman Wang Yupu.

    "In the presence of our countries’ leaders, we signed important documents on oil, gas and chemical cooperation with Sinopec on the basis of Eastern Siberian [oil and gas] fields near Angarsk. We plan to set up three complexes – near Novokuibyshevsk and in Western Siberia," Sechin told reporters.

    Earlier today, the two companies signed a framework agreement to conduct a joint prefeasibility study of a project to build and operate a gas processing and petrochemical complex in East Siberia.

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    Rosneft, Sinopec, China, Russia
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