China National Chemical Corp plans to acquire a 40% stake in Rosneft's petrochemical complex VNHK

28-Jun-16

China National Chemical Corporation (ChemChina) plans to acquire a 40% stake in Rosneft's planned petrochemical complex VNHK in Russia's Far East, as per Reuters.
 "The participation of ChemChina will allow Rosneft to optimise the project financing and jointly organise sales of the high-margin products of the future complex on the premium markets of the Asia-Pacific region," Rosneft said in a statement.
Rosneft and ChemChina also signed a new one-year oil supply contract, the Russian company said, without providing volumes or financial details. In June 2015, Rosneft signed a one-year contract to supply up to 200,000 tons of crude oil to ChemChina per month. TASS news agency quoted Igor Sechin, Rosneft chief executive officer, as saying the company did not plan to reduce its crude supplies to China and would defend its market position amid competition with Saudi Arabia, Qatar, Iraq, and Iran. "We will stick to the volumes we have agreed on. It's around 40 million tonnes (per year)," Sechin was quoted as saying. Russia was China's largest crude oil supplier in May for a third month in a row, having surpassed imports from Saudi Arabia.

  More News  Post Your Comment
{{comment.Name}} made a post.
{{comment.DateTimeStampDisplay}}

{{comment.Comments}}

COMMENTS

0

There are no comments to display. Be the first one to comment!

*

Name Required.

*

Email Id Required.

Email Id Not Valid.

*

Mobile Required.

Email ID and Mobile Number are kept private and will not be shown publicly.
*

Message Required.

Click to Change image  Refresh Captcha