Courtesy of rosneft.com

Rosneft and CEFC China Energy Company Limited signed a strategic cooperation agreement during the official visit of the President of the People's Republic of China to Moscow.

The Strategic Cooperation Agreement envisages cooperation of the parties in such areas as exploration and production, oil refining and petrochemicals, crude oil and product trading, retail business, and financial services. The parties agreed to consider the potential for setting up a vertically integrated joint venture in the Russian Federation aiming to implement oil and gas projects, and a joint investment fund.

The signed Agreement also provides for an option for the Chinese corporation to purchase a stake in Rosneft’s retail business. Within its new development strategy, Rosneft plans, among other things, to switch to a holding-based management structure and to look into a pilot project in its retail segment.

CEFC China Energy Company Limited is a vertically integrated company that implements oil and gas projects in production, oil refining, petrochemicals, transportation and sales of petroleum products. Besides, CEFC possesses bank, equity, and other financial instruments, and presents a powerful player in the global investment market dealing with such spheres as new energy sources, biopharmaceutics, aviation, tourism, and infrastructure projects.

Rosneft is the leader of Russia’s petroleum industry and the world’s largest publicly traded petroleum company. Company’s main activities include prospecting and exploration of hydrocarbon deposits, oil, gas and gas-condensate production, upstream offshore projects, processing, as well as oil, gas, and product marketing in Russia and abroad.

Source: rosneft.com