China National Chemical Corporation Chairman Ren Jianxin and Rosneft CEO Igor Sechin have signed Heads of Agreement on the cooperation for jointly developing feasibility study of Far Eastern Petrochemical Company (FEPCO) project on 25th June, 2016.
FEPCO, one of the largest industrial complexes in Russia, will help substitute the exported feedstock with high added value products. According to the HoA, signed following several documents between ChemChina and Rosneft since 2015, the two parties will jointly do the Feasibility Study of FEPCO project. This signed HoA marks the latest step in the strategic partnership of ChemChina and Rosneft.
As part of the strategic partnership, ChemChina and Rosneft have extended the one-year crude supply contract.