Igor Sechin, the Chief Executive Officer of Rosneft Oil Company, and Wang Yilin, the Chairman of the Board of the China National Petroleum Corporation (CNPC), held a working meeting during the first Russian-Chinese Energy Business Forum.
The executives signed a science and technology Memorandum of Understanding (MoU). The MoU covers the partiesĺ cooperation in development of the scientific engineering potential in oil and gas upstream, downstream, as well as in engineering technology and service provision in Russia, China, and other counties.
During the working meeting, Igor Sechin and Wang Yilin also discussed a vast range of matters related to the mutual interests and prospects of cooperation between Rosneft and CNPC. Igor Sechin and Wang Yilin highly appreciated the work of the Joint Coordination Committee (JCC) created in 2017 following the official visit to China of Russian President Vladimir Putin.
One of the key tasks of JCC is to contribute to development of cooperation projects in strategic areas such as long-term oil supplies, oil and gas upstream, refining, LNG, equipment manufacturing, and research and development.
The parties intend to expand the capability of working groups in charge of the scientific engineering cooperation within the framework of the Rosneft-CNPC Joint Coordination Committee, in order to increase the efficiency.
Implementation of joint upstream and downstream projects will bring the integrated cooperation between the two energy majors of Russia and China to a new level and contribute to meeting the strategic challenges set by the leaders of the two countries.
Note for Editors:
Rosneft and the China National Petroleum Corporation (CNPC) signed the Agreement on Cooperation in Exploration and Production in the Russian Federation within the framework of the IV Eastern Economic Forum in Vladivostok. Under the agreement, CNPC will have an opportunity to acquire minority stakes in major oil and gas projects of Rosneft, in particular, in Eastern and Western Siberia. In addition, the parties agreed to consider the CNPC proposal for rendering of services for these fields in exploration, development and production of hydrocarbons.
The energy cooperation between Rosneft and its Chinese partners is of the strategic and integrated nature and covers all sectors of operation, from production to refining and petrochemistry. Rosneft is the first Russian company that succeeded to sign long-term contracts with China, including that with CNPC for supplies of 325 million tonnes of oil.
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