Rosneft and Sinopec agree to create joint venture for petrochemical projects in 2017

Rosneft and Sinopec have signed a framework agreement on participation in the project on construction of a gas processing and petrochemical complex in East Siberia, the Russian company reports.

The agreement, signed in the course of a memorandum of understanding on cooperation in petrochemical projects, provides for a choice of technology of gas raw natural processing from its components into polymers. The parties also agreed on the choice of a consultant for the project management, identified competitive challenges and the timing of their execution before the stage of licensing and initial design (the FEED stage). In the event of a successful outcome of the works, stipulated by the framework agreement, it is expected to create a joint venture of Rosneft and Sinopec in 2017.