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CEFC China Signs Oil and Gas Integrated Refining Partnership Agreement with Rosneft

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On the afternoon of November 10, 2017 local time, CEFC China signed a partnership agreement for integrated oil and gas refining with Rosneft in Da Nang of Vietnam. Ye Jianming, Chairman of the Board of Directors of CEFC China, and Igor Sechin, CEO of Rosneft, jointly expressed at the signing ceremony their willingness to strengthen comprehensive cooperation between the two sides and their confidence in such cooperation.

 

Following this agreement signed between CEFC China and Rosneft on co-establishing a world-class industrial base for oil refining and oil & gas-derived chemicals, the two sides are planning to work on producing alkenes from condensates and LPG (liquefied petroleum gas) in Yangpu of Hainan province. Moving forward, they will set up a joint working group on technology and commerce, which will draw on Rosneft’s successful practices of oil refining and petrochemical production overseas to study technical processes of the chemical industry, steady, reliable and long-term supply of raw materials, monetization of project products, etc.


According to Ye Jianming, CEFC China has always sought to make breakthroughs in the new energy industry, and to achieve that, it should adopt a forward-looking strategy in its three-phase development initiative: firstly, gaining a foothold in the industry by becoming a stakeholder in Rosneft as it is doing now; secondly, striving to deliver results in innovative uses of oil and gas within three to five years; and lastly, endeavoring to become a key player and enabler in new energy by investing high-caliber talents in further studies.

 

As remarked by Ye Jianming, CEFC China is well-positioned to capitalize on the long-standing domestic shortage of chemical products by focusing on oil-based fine chemical processing, areas where Rosneft and Abu Dhabi are established players. He noted that, to gain a competitive edge in a new wave of cutting-edge industries, the company will build a future energy industrial chain featuring gas-fired power generation, fine chemicals, intelligent power, and new energy technologies; step up its efforts to acquire upstream natural gas resources; and set up an advanced fine chemicals production and processing base. The unveiling of the industrial base project is seen as a solid step towards building the energy industrial chain centered on natural gas and fine chemicals.


Secretary Department


 
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