Rosneft and China National Chemical Corporation (ChemChina) has signed the agreement setting out the framework for further implementation of the Far-Eastern petrochemical company (FEPCO) project and the establishment of a joint venture (JV). The document was signed by Rosneft Chief Executive Officer Igor Sechin and ChemChina President Ren Jianxin.
The document defines the composition of the JV – Rosneft will hold 60%, whilst ChemChina will obtain 40%. The financial and operational structure of the JV will be defined by the parties within further negotiations.
The signed document also specifies the timetable for Front End Engineering and Design (FEED) and start of site infrastructure preparation, outlines the milestones in project execution, and on a broader basis confirms the project roadmap for FEPCO project delivery.
