Ren Jianxin, chairman of China National Chemical Corporation (ChemChina) and Igor Sechin, President of Rosneft, signed an equity investment and crude oil supply deal on 20 June 2015 during the St. Petersburg International Economic Forum.
According to the memorandum, Rosneft will supply ChemChina with crude oil in the long term, and subscribe to a 30 per cent stake in ChemChina Petrochemical Co., Ltd (CCPC), a subsidiary of ChemChina.
According to ChemChina, the cooperation with Rosneft will result in “favourable” conditions for CCPC “to diversify its ownership structure and enhance the stability of its refineries in crude oil processing, and for both sides to improve the regional competitiveness.”
