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Russian Rosneft to acquire 30 percent of ChemChina arm
(MENAFN) Russia's top oil producer Rosneft said it signed a memorandum to acquire 30 percent stake of China's National Chemical Corp., a subsidiary of ChemChina Petrochemical (CCPC), Arab News reported.
Rosneft will also supply 200,000 tons of crude oil a month (48,000 bpd) to the company in a year, a deal which will enforce the Russian oil giant's position in the world's top energy consumer.
The memorandum forecasts cooperation in the area of oil, oil products and petrochemical trading. Rosneft plans to increase its share of oil sales to Asia to 40 percent of its total crude exports by 2019.
"Together with the project of construction of a refinery in China, the cooperation with ChemChina will allow Rosneft to obtain a new potential for the production and marketing of products," Rosneft said.
Rosneft will also supply 200,000 tons of crude oil a month (48,000 bpd) to the company in a year, a deal which will enforce the Russian oil giant's position in the world's top energy consumer.
The memorandum forecasts cooperation in the area of oil, oil products and petrochemical trading. Rosneft plans to increase its share of oil sales to Asia to 40 percent of its total crude exports by 2019.
"Together with the project of construction of a refinery in China, the cooperation with ChemChina will allow Rosneft to obtain a new potential for the production and marketing of products," Rosneft said.
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