Rosneft and Chinese National Petroleum Corporation (CNPC) signed an agreement for the extensions of strategic cooperation.
The document was signed by Rosneft Head Igor Sechin and CNPC Vice President Wang Dongjin. The signing ceremony was led by the Prime Minister of the Russian Federation Dmitry Medvedev.
The agreement envisages elaboration of current and potential strategic cooperation areas . The document also foresees the fueling of a deeper collaboration in these areas. In particular, the parties intend to proceed with Upstream projects in the Russia, refinining in China (Tianjin Refinery) and other venues of cooperation. In March 2016, the parties are expected to make an investment decision regarding the Tianjin Refinery construction which may be completed by the end of 2019.
The parties intend to apply joint efforts with the scope of further expansion of strategic cooperation, including in the areas of the development of liquefied natural gas projects which embraces potential Russian LNG supplies to China.
After signing the agreement, Igor Sechin said: "Russia and China are interested in deepening and expanding cooperation in the oil and gas sector. Our companies have created a favorable environment for cooperation and we intend to further promote long-term mutually beneficial collaboration".
Current cooperation between Rosneft and CNPC is taking place, in particular, in the following areas:
- Crude supplies under a long-term crude sale and purchase agreement;
- Crude, oil products and petrochemicals export within the framework of tenders;
- JV LLC Vostok-Energy dealing with hydrocarbons exploration and production in the Irkutsk Region;
- JV Vostok Petrochemicals aiming at the Tianjin Refinery construction and refined products sales in China and across regional markets.
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REUTERS - Brent crude futures LCOc1 were down 72 cents at $61.49 per barrel at 1020 GMT, having fallen by 1.5 percent on Tuesday, its largest one-day drop in a month. U.S. West Texas Intermediate (WTI) crude CLc1 was at $55.12 per barrel, down 58 cents.
BLOOMBERG - Prices dropped during the session as the International Energy Agency said the recent recovery in oil prices, coupled with milder-than-normal winter weather, is slowing demand growth. The worsening outlook for consumption dampened some of the enthusiasm that OPEC and its allies will extend supply curbs.
Global energy needs rise more slowly than in the past but still expand by 30% between today and 2040. This is the equivalent of adding another China and India to today’s global demand.
Product exports have grown significantly over the past several years and are expected to continue to grow as Russian refineries add capacity to produce more high-quality products.