Rosneft signs crude oil supply deal with ChemChina, to buy 30% ChemChina stake

Jun 22, 2015 12:00 AM

Russian state oil company OAO Rosneft has signed a contract with China National Chemical Corp or ChemChina, at the St. Petersburg International Economic Forum for crude oil supplies to the Chinese company.

The contract envisages the delivery to China of 200,000 tons of crude oil on a monthly basis for a. duration of one year.

The deal demonstrates the successful implementation of Rosneft strategy aimed at the diversification of supplies to the region's key customers. The contract will maximize the delivery's economic efficiency, while forming the basis for further development of cooperation with ChemChina.

Rosneft and ChemChina have also signed a Memorandum of Understanding regarding the planned purchase by Rosneft of 30 percent stake of ChemChina Petrochemical Co. Ltd., a ChemChina subsidiary. The consideration for the stake will be funded from proceeds oil supplies to ChemChina.

Moreover, the signed Memorandum foresees the cooperation in the area of oil, oil products and petrochemical trading, the joint participation if FECPO project realization.

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