Rosneft offering China stake in future petrochem complex

11-Feb-14

Rosneft, the world's largest listed oil company by output, is offering China a stake in a yet-to-be-built petrochemical plant (VNHK) in Russia's Far East, said Chief Executive Igor Sechin, as reported by Reuters. The VNHK petrochemical complex is being planned with capacity of 3.4 mln tpa in the first stage. In 2010, Rosneft and China's CNPC agreed to team up in building a refinery in Tianjin, China, with capacity of 13 mln tpa (260,000 bpd) but the two companies have yet to agree on terms to start construction. President Vladimir Putin has made cooperation with energy-hungry Asia a priority for Russian companies as their business with fragile European economies falters and as energy deposits in East Siberia are being developed.