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Rosneft plans to acquire 30% equity of China National Chemical Corporation

Rosneft plans to acquire 30% equity of China National Chemical Corporation

June 23, 2015

[China paint information] Rosneft/Rosneft said on Saturday that it has signed a memorandum to pave the way for the purchase of 30% equity of China National Chemical oil and Gas Corporation (CCPC); China National Chemical oil and Gas Corporation is a holding subsidiary of China National Chemical Corporation

Rosneft will start to provide 200000 tons of crude oil (48000 barrels per day) to ccreggiani every month within a year. This transaction will consolidate Rosneft's position in China, the world's major energy consumer

it is not clear when Rosneft will start supplying oil to CCPC. Rosneft will sell oil to the CCP to avoid economic punishment and finance the acquisition of equity

Rosneft said that it was expected in the memorandum that the two sides would cooperate in the trading of oil, oil products and petrochemical products

at a time when relations between Russia and the West have cooled due to the conflict in Ukraine, Rosneft hopes to increase its oil supply to Asia. Rosneft plans to increase its oil sales to Asia to 40% of its total crude oil exports by 2019

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