MOSCOW (MRC) -- Rosneft and Sinopec have signed a Memorandum of Understanding regarding cooperation in gas and petroleum chemicals projects to be developed in East Siberia, reported GV.
The memorandum envisions a detailed pre-feasibility and concept design study for a joint venture that would include the conversion of natural gas and its liquid fractions to ethylene and propylene with integrated downstream production.
Rosneft said the integrated complex, to be located in Boguchany, Krasnoyarsk, and Angarsk, Irkutsk, is expected to process up to 10-billion cu m/y of natural gas and produce up to 3-million t/y of ethylene with about 6-million t/y of derivative production.
We remind that, as MRC wrote before, in June 2015, Rosneft and BP signed several agreements strengthening the long term strategic relationship between the two companies, at the St. Petersburg International Economic Forum.
Rosneft and BP signed final binding agreements for Rosneft’s sale to BP of a 20 per cent share of Taas-Yuryakh Neftegazodobycha (Taas), creating a new joint venture in East Siberia. The venture will further develop the Srednebotuobinskoye oil and gas condensate field which is one of the largest fields in eastern Siberia, currently producing about 20,000 barrels a day.
Rosneft became Russia's largest publicly traded oil company in March 2013 after the USD55 billion takeover of TNK-BP, which was Russia’s third-largest oil producer at the time.
China Petrochemical Corporation (Sinopec Group) is a super-large petroleum and petrochemical enterprise group established in July 1998 on the basis of the former China Petrochemical Corporation. Sinopec Group's key business activities include the exploration and production of oil and natural gas, petrochemicals and other chemical products, oil refining.
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