Russia: Agreement During G-20 Summit Chemchina and Rosneft Sign Agreement on Petrochemical Project
On September 4, 2016, Chemchina President Ren Jianxin and Rosneft Chief Executive Officer Igor Sechin signed during the G-20 summit in Hangzhou (China) a non-binding agreement .
Hangzhou/China — The agreement is setting out the framework for further implementation of the Far-Eastern petrochemical company (Fepco) project. ChemChina and Rosneft have signed a Memorandum of Understanding for this project in September 2015. In June 2016, the parties signed a Heads of Agreement for joint feasibility study. With the current agreement, the companies confirm that they will further carry out the joint feasibility study and later establish a Joint Venture subject to satisfactory outcome of the feasibility study. Fepco project is one of the largest industrial complexes in Russia. It is positioned to provide high value-added petrochemical products that cover the Asian-Pacific markets.