OGE published, Rosneft CEO Igor Sechin and China National Chemical Corporation Chairman Ren Jianxin have signed Heads of Agreement for cooperation in respect of Far Eastern Petrochemical Company (FEPCO) project.
The agreement provides for the entry of ChemChina into the FEPCO equity capital with a stake of 40% and for the proportional financing. The parties intend to conduct joint analysis aimed at the specification of niche markets for FEPCO products based on the capabilities of the partner that enjoys a robust position in the Asia-Pacific markets.
As part of the strategic partnership, Rosneft and ChemChina have signed a new one-year crude supply contract.
Following the signing of the documents, Igor Sechin said: "The agreement marks a new and important step in the development of FEPCO – one of the largest industrial complexes in Russia. Bringing ChemChina will enable Rosneft to optimize the project financing and co-organize the sale of high-margin products of the future complex at the premium APR 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.