On 4th September 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 (“the Agreement”) 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 FEPCO project in September 2015. In June 2016, the parties signed a Heads of Agreement for joint feasibility study of FEPCO project. The Agreement this time confirms that both parties will further carry out the joint feasibility study and later establish a Joint Venture subject to satisfactory outcome of the feasibility study. Signing the Agreement is a significant step for the parties to implement FEPCO project and deepen the comprehensive cooperation.
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. It will also greatly facilitate the development of infrastructure in the Far East region.