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03Sep17

Russia's Rosneft oil major, China's Huaxin energy co. sign strategic cooperation agreement

Russia's oil major Rosneft said on Sunday it has signed a strategic cooperation agreement and a long-term oil supplies contract with China's energy company Huaxin.

"On the margins of the 9th BRICS summit, Rosneft and China's energy company Huaxin signed an agreement on strategic cooperation and a long-term contract for oil supplies. The documents were signed by Rosneft's Chief Executive Director Igor Sechin and Huaxin's President Chen Qiutu," Rosneft said in a press release.

According to Rosneft, the strategic cooperation agreements provides for the implementation of joint prospecting and production projects in Western and Eastern Siberia and reveals the Chinese corporation's integral approach to cooperation with Rosneft. The agreement also envisages cooperation between the two companies in such areas as oil refinery and petrochemistry, trade in oil and oil products.

Apart from that, the two companies inked a contract on supplies of Russian crude oil. The contract, according to the Russian oil major, is geared to increase direct oil supplies to the strategically important Chinese market and will guarantee an economically efficient channel for oil exports.

The document will come into force as soon as they are approved by Rosneft.

In June, the two companies agreed to set up a working group to look into possible cooperation on potential projects.

A vertically integrated company, China's Huaxin specialized in oil and gas production, refinery, transportation and sales projects. It has a banking, stock exchange and other financial tools and is a major player on the global market for investments in such spheres as new energy sources, bio-pharmaceuticals, aviation, tourism, infrastructure projects.

[Source: Itar Tass, Moscow, 03Sep17]
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