As part of a China-Russia meeting, the countries' oil companies signed a set of agreements.
- China National Chemical Corporation (ChemChina) and Rosneft have signed Heads of Agreement on the cooperation for jointly developing feasibility study of Far Eastern Petrochemical Company (FEPCO), formerly known as Vostochnaya Neftechemicheskaya Company (VNHK), in which ChemChina will take a 40% stake. They also extended a crude supply contract (2.4 Mt) by one- year.
- Rosneft also signed Heads of Agreement for cooperation with Beijing Enterprises Group in various areas of the oil and gas business, including the potential sale by Rosneft to Beijing Enterprises Group of 20% shares in Verkhnechonskneftegaz (a Rosneft subsidiary) that is to be closed by the end 2016.
- Rosneft and CNPC (Sinopec Group) signed a Framework Agreement on joint pre-feasibility study of the project related to the construction and operation of a gas processing and petrochemical complex in East Siberia that could be realised through a joint venture between Rosneft and Sinopec to be set in 2017. The gas processing and petrochemical complex, located near Boguchany, will have a capacity of 5 bcm/year of gas yielding up to 3 Mt of polymers and petrochemical products primarily for sale on the Russian and Chinese markets. The resource base of the project comprises Rosneft oil and gas fields of Yurubcheno-Takhomsky cluster in East Siberia.
In addition, Gazprom and CNPC signed a MoU to explore the prospects for cooperation in building underground gas storage (UGS) and gas-fired power generation facilities in China. The parties will analyze and assess the geological, technological, and economic conditions for creating UGS facilities in Heilongjiang, Jiangsu, and Zhejiang. By late August 2016, the parties will examine and select target projects in the field of gas-fired heat and power generation from among those offered by CNPC in order to make an investment decision and choose an organizational and legal framework for projects to be executed.