14:39 GMT +322 July 2019
Listen Live
    Rosneft

    Rosneft, ChemChina Sign Pact on Far Eastern Petrochemical Company

    © Sputnik / Maxim Blinov
    Business
    Get short URL
    0 85

    Russia’s oil company Rosneft and China’s chemical giant ChemChina inked a deal on Sunday that outlines steps to create the Far Eastern Petrochemical Company (FEPCO).

    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.

    Related:

    China's CNPC Says Ready to Consider Buying Stake in Russia's Rosneft
    Rosneft, China Shipbuilding Corp. Sign Contract for Floating Transfer Dock
    Investors From Outside China, India Interested in Rosneft Privatization
    Tags:
    ChemChina, Rosneft, Igor Sechin, Russia, China
    Community standardsDiscussion
    Comment via FacebookComment via Sputnik