Rosneft and CEFC China Energy Company Sign Strategic Cooperation Agreement
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.
