Rosneft's President and Chairman of the Management Board Igor Sechin met with Fu Chengyu, Chairman of China Petroleum and Chemical Corp (Sinopec) in Beijing today, 15 May 2014.
Rosneft reported that the parties discussed a wide range of topics on current projects and perspectives for an enhanced cooperation, including possible conclusion of a long-term contract on oil delivery.
[On 22 October 2013, Rosneft and Sinopec signed a memorandum of conclusion of export contract on a pre-paid basis. The memorandum includes oil delivery up to 100 million tons within 10 years.]
Company executives noted satisfaction with current cooperation on a number of joint projects.
[Rosneft and Sinopec cooperate as part of Sakhalin-3 and Udmurtneft projects.]
During today's meeting, Rosneft and Sinopec created three working groups, including cooperation in the region of long-term contracts on hydrocarbons delivery, cooperation in the region of extraction, and implementation of Eastern Petrochemical Company project.
The meeting today was part of the preparations for the upcoming visit of Russian Federation President Vladimir Putin to China.