Chinese corporation to purchase a stake in Rosneft’s fuel retail business.
A strategic cooperation agreement has been signed between Rosneft and CEFC China Energy Company Limited envisioning collaboration in areas such as exploration and production, refining and petrochemicals, crude fuel and product trading, retail business, and financial services. The potential for setting up a vertically integrated joint venture in the Russian Federation aiming to implement fuel projects, and a joint investment fund has been agreed to be considered by both companies.
An option for the Chinese corporation to purchase a stake in Rosneft’s retail business has also been provided in the Agreement. Rosneft plans, among other things, to switch to a holding-based management structure and to look into a pilot project in its retail segment, within its new development strategy. PWKD06072017