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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