The contract comes in the light of Rosneft's strategy to diversify supplies to the region’s key customers and is considered to be an important step toward a further development of cooperation with ChemChina, one of the biggest petrochemical companies in the world.
Aside from the crude oil supply contract the two companies signed also a memorandum of understanding during the SPIEF. The memorandum paves the way for Rosneft's purchase of 30 percent stake of ChemChina Petrochemical Co. Ltd (CCPC), ChemChina's subsidiary.
"The signed Memorandum confirms the level of trust with our Chinese partners. We are sure that together we will enhance efficiency of one of the best companies in the region," Rosneft CEO Igor Sechin said commenting on the signing.
The memorandum will help Rosneft to strengthen its position in the Asia Pacific region, especially in China, the statement added.
