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Chinese oil and gas companies are Rosneft’s most important partners, says Sechin

31st October 2014

Rosneft has made a defiant turn to the East to procure funding and technology for upstream development following the continued imposition of Western sanctions

Chinese oil and gas companies are Rosneft’s most important partners, says Sechin
The comments were made on Friday as Rosneft held talks on the development of the strategic cooperation with China in Beijing

"The People’s Republic of China and Chinese oil and gas companies are Rosneft’s most important partners in the areas of industrial cooperation, supplies and financing,” said Rosneft head, Igor Sechin.

“Rosneft welcomes the interest of the Chinese companies in extending cooperation in the upstream sphere. The company's priority is to expand the scope and broaden the geographic reach of the cooperation with Chinese partners and develop new partnership areas"

The comments were made on Friday as Rosneft held talks on the development of the strategic cooperation with China in Beijing.

Sechin met with the vice premier of China, Zhang Gaoli, chairman of the Chinese National Petroleum Corporation (CNPC), Zhou Jiping, and chairman of Sinopec, Fu Chengyu.

“The parties confirmed that the cooperation between both countries and companies is of a long-term strategic nature and does not depend on external factors or external environment,” Rosneft said in a statement.

Russia’s European and North American oil and gas partners have had to scale operations and renege on agreements in order to comply with Western sanction against Russia following the crisis in Ukraine.

Cooperation between Rosneft and CNPC has been steadily developing since 2009.

“Joint production projects with Sinopec have delivered good results. Cooperation in crude oil supplies is a promising area for the development of the partnership between Rosneft and Sinopec. Special attention was paid to the prospect of the transition to payments in national currencies under long-term supply contracts,” the statement said.

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