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Rosneft & CEFC China Sign Strategic Agreement in Siberia

Source: www.gulfoilandgas.com 9/3/2017, Location: Asia

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Rosneft and CEFC China Energy Company Limited signed a Strategic Cooperation Agreement and a contract for the supply of Russian crude oil at the 9th BRICS summit. The documents were signed by Igor Sechin, Rosneft Chief Executive Officer, and Chan Chauto, CEFC China President.

The Strategic Cooperation Agreement suggests developing joint exploration and production projects in Western and Eastern Siberia and represents an evidence of an integrated approach of the Chinese corporation to its cooperation with Rosneft. The Agreement also provides for a joint activity in such areas as refining, petrochemicals and crude and product trading.

In addition, at the BRICS summit Rosneft and CEFC signed a contract for the supply of Russian crude oil, opening up new opportunities for the strategic partnership. This contract will lead to an increase in direct supplies of crude oil to the strategic Chinese market and ensure a guaranteed cost-efficient export channel for the Company's crude sales.

The Agreements are subject to Rosneft’s corporate approvals.

In commenting on the Agreements concluded at the summit, Igor Sechin, Rosneft Chief Executive Officer said: "We continue our work on strengthening the relationship with our strategic partners, including certainly CEFC, the largest Chinese private energy company, aiming for a long-term cooperation in all the areas of Rosneft’s business activity. The agreements signed today fully reflect the Company's strategy, which priorities includes strengthening the relations with the Asia Pacific countries and, in particular, with China."

Chan Chauto, CEFC China President said: "We are convinced that the Russian oil and gas sector has a tremendous potential and interested in an integrated cooperation with Rosneft. We will use our trading capability and build up the supply of Russian crude to the fast-growing Chinese market. In addition, we are planning joint investments in the strategically important projects in the Russian oil and gas sector."

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