Baku, September 6, AZERTAC
Russian oil giant Rosneft and China National Chemical Corporation (ChemChina) have signed an agreement on the stages of further implementation of the Far Eastern Petrochemical Company (FEPCO) project and setting up a joint venture, according to TASS.
The document was inked by Rosneft CEO Igor Sechin and ChemChina CEO Ren Jianxin. The ceremony was held on the sidelines of the talks of Russian President Vladimir Putin and Chinese President Xi Jinping at the G20 summit in China’s Hangzhou.
The agreement confirms the intention of the sides to develop the Far Eastern Petrochemical Company project and to create a JV for its implementation. Under the deal, Rosneft will have 60% in the JV, while the share of ChemChina will be 40%. The sides will discuss the operation structure and financing issues at the next round of talks.
The document specifies the schedule of performing the Front-End Engineering and Design (FEED), the infrastructure development, the key tasks of implementing the project and a roadmap for its implementation