Published on August 17, 2017

Russia basede Rosneft has been improving its relations with Chinese firm to next level.

In 2016, Russia became the largest supplier of crude oil to China - accounting for almost 14% of the Chinese import. In the last year, the share of China in the structure of the Russian oil export achieved 20.6% which made it our key trading partner in this sphere. In 1Q 2017, the export of the Russian oil to PRC increased by another 12% relative to 1Q 2016.

But energy resource trading is only a base of Rosneft and Chinese companies' cooperation. Its overall potential is much broader and took active efforts to deepen and develop it through joint work in the energy markets and creation of interstate vertically integrated chains, mutual investments, cooperation in technology, service sectors, delivery of equipment. An important example of the interstate vertical integration is a Rosneft joint Tianjinого refinery project which implement in partnership with CNPC. Rosneft is ready to consider joint investment activities in all segments of the technology chain - upstream, infrastructure, downstream and midstream.

There is a strong potential in implementation of joint projects in the petrochemical industry which is demonstrated by Rosneft interaction with Chinese national chemical company ChemChina in Far Eastern Petrochemical Co. (FEPCO) project.