ROSNEFT & CINOPEC MEETING
As part of the preparations for the visit of the Russian Federation President Vladimir Putin to China, Rosneft President, Chairman of the Management Board Igor Sechin held a meeting with Fu Chengyu, Chairman of China Petroleum and Chemical Corp (Sinopec) 15 May 2014 in Beijing.
In the course of negotiations, the parties discussed a wide range of topics on current projects and perspectives for an enhanced cooperation, including possible conclusion of a long-term contract on oil delivery. The company executives noted satisfaction with current cooperation on a number of joint projects.
The companies created three working groups, including cooperation in the region of long-term contracts on hydrocarbons delivery, cooperation in the region of extraction, and implementation of Eastern Petrochemical Company project.
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AN - China National Offshore Oil Corp. (CNOOC) is willing to invest $3 billion in its existing oil and gas operation in Nigeria, the Nigerian National Petroleum Corporation (NNPC) said on Sunday following a meeting with the Chinese in Abuja.
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IMF - Output grew by 3.8 percent in 2017, underpinned by a resilient non-hydrocarbon sector, with robust implementation of GCC-funded projects as well as strong activity in the financial, hospitality, and education sectors. The banking system remains stable with large capital buffers. Growth is projected to decelerate over the medium term.
IMF - Higher oil prices and short-term portfolio inflows have provided relief from external and fiscal pressures but the recovery remains challenging. Inflation declined to its lowest level in more than two years. Real GDP expanded by 2 percent in the first quarter of 2018 compared to the first quarter of last year. However, activity in the non-oil non-agricultural sector remains weak as lower purchasing power weighs on consumer demand and as credit risk continues to limit bank lending.