Rosneft and China National Chemical Corp (ChemChina) have signed a contract for crude oil supplies to the Chinese company which envisages the delivery of 200,000 tons of crude oil on a monthly basis for the duration of a year.
Igor Sechin, president of Rosneft, and Ren Jianxin, chairman of ChemChina, signed the contract at the St Petersburg International Economic Forum, held from June 18-20, 2015.
Roseneft and ChemChina also signed a memorandum of understanding concerning the planned purchase of a 30% stake in ChemChina Petrochemical Co. (CCPC), a subsidiary of ChemChina, by the Russian state oil company.
Through the cooperation between ChemChina and Rosneft, favorable conditions will be created for CCPC to diversify its ownership structure and enhance the stability of its refineries in crude oil processing, and for both sides to improve their regional competitiveness.
June 24, 2015
