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Rosneft and CNPC strengthen cooperation

LNG Industry,

Rosneft and Chinese National Petroleum Corporation (CNPC) have signed an agreement to extend their strategic cooperation.

The document was signed by Rosneft’s Igor Sechin and CNPC Vice President Wang Dongjin. The signing ceremony was led by the Prime Minister of the Russian Federation, Dmitry Medvedev.

Cooperation areas

The agreement envisages the development of current and potential strategic cooperation areas. In particular, the parties intend to proceed with upstream projects in the Russia, refining in China (Tianjin Refinery) and other venues of cooperation.

In March 2016, the parties are expected to make an investment decision regarding the Tianjin Refinery construction, which may be completed by the end of 2019.

LNG projects

The parties intend to apply joint efforts with the scope of further expansion of strategic cooperation, including in the areas of the development of liquefied natural gas projects, which embrace potential Russian LNG supplies to China.

After signing the agreement, Sechin said: “Russia and China are interested in deepening and expanding cooperation in the oil and gas sector. Our companies have created a favorable environment for cooperation and we intend to further promote long-term mutually beneficial collaboration”.

Adapted from press release by Katie Woodward

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