Rosneft, Chinese CEFC Sign Cooperation Agreement
Rosneft and CEFC China Energy Company have signed a strategic cooperation agreement to develop oil and gas resources in western and eastern Siberia, Rosneft said September 3.
The agreement, signed at the 9th BRICS summit, also provides for joint activity in such areas as refining, petrochemicals and crude and product trading.
"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,” Igor Sechin, Rosneft CEO said.
According to Rosneft, the 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 its crude sales.
"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," CEFC China president, Chan Chauto, said.