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ChemChina to take 40% stake in Rosneft’s petrochemical project

Moscow: Russia’s biggest oil producer Rosneft said on Saturday that China National Chemical Corporation (ChemChina) would take a 40% stake in its planned petrochemical complex VNHK in Russia’s Far East.

“The participation of ChemChina will allow Rosneft to optimise the project financing and jointly organise sales of the high-margin products of the future complex on the premium markets of the Asia-Pacific region,” Rosneft said in a statement.

Rosneft and ChemChina also signed a new one-year oil supply contract, the Russian company said without providing volumes or financial details