Rosneft and CEFC China sign strategic cooperation agreement

Rosneft and CEFC China Energy Company Limited have signed a strategic cooperation agreement and a contract for the supply of Russian crude oil at the 9th BRICS summit in Xiamen, China. 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 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 oil and refined 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 oil sales.

The agreements are subject to Rosneft’s approval.

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