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Russia’s Rosneft and ChemChina sign cooperation agreements

by ChemOrbis Editorial Team - content@chemorbis.com
  • 10/09/2015 (14:35)
According to a press release on the company’s website, Russia’s Rosneft and the China National Chemical Corporation (ChemChina) inked a heads of agreement (HOA) on cooperation in equity investment in ChemChina Petrochemical Corporation (CCPC) and a memorandum of understanding (MOU) for cooperation on a project of the Far East Petrochemical Company (FEPCO). The agreements are subject to the relevant corporate and regulatory approvals in both countries.

Under the HOA, the Russian company is planning to subscribe to a 30% stake in CCPC while the MOU concerns ChemChina’s proposed acquisition of a majority stake in the FEPCO project and key investment stages in the project.

The FEPCO project is expected to be completed in two phases. Once the first phase is completed the facility is slated to be able to refine 12 million tons of oil per year and produce 8.5 million tons of engine fuels. The second phase, meanwhile, includes production of around 3 million tons of petrochemical products, including PE and PP.
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