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Rosneft and CNPC Hold a Joint Coordination Committee Meeting
10 November 2021Rosneft Oil Company and China National Petroleum Corporation (CNPC) have held a video conference of the fourth session of the Joint Coordination Committee (JCC).
The establishment of the Joint Coordination Committee of Rosneft Oil Company and CNPC was agreed upon on May 15, 2017, during the formal visit of President of Russia Vladimir Putin to China. The Committee was created to develop cooperation between the companies in strategic areas, such as exploration and development of oil and gas fields, refining and petrochemicals, trading of crude and petroleum products, research, personnel training, and implementation of promising projects in supplies and oilfield services.
During the meeting, the companies discussed key issues of bilateral cooperation. The parties were particularly interested in projects in the field of carbon management. They also decided to establish a specialized joint working group on carbon management within the JCC.
The next meeting of the Joint Coordination Committee is scheduled for the fourth quarter of 2022.
Note for Editors:
Rosneft and CNPC are the founders of the Russian-Chinese Energy Business Forum which was established by the instruction of Russian President Vladimir Putin and Chinese President Xi Jinping. The Forum aims to develop a dialogue between Russia and China in the energy industry, to increase the effectiveness and scope of the joint projects portfolio, and to attract investments.
Rosneft is developing integral cooperation with its Chinese partners. Since 2013, Rosneft Oil Company and CNPC have been implementing a 25-year contract for 325 million tons of oil supplies to China. In December 2016, the companies agreed upon an addendum designed to increase transit crude supplies to China through Kazakhstan.
There's also a joint venture between Rosneft and Sinopec that operates in Udmurtia called Udmurtneft. In 2020 the company produced more than 90 million tons of oil.
In 2017, Rosneft and Beijing Gas closed a deal for the sale of a 20% stake in Verkhnechonskneftegaz to the Chinese company. In addition, the two companies are planning to implement a project to develop a network of gas filling stations in Russia.
Upon the instruction of President of Russia Vladimir Putin the Rosneft-led Consortium is constructing a large-scale project called the Zvezda Shipbuilding Complex. It will bring the Russian shipbuilding industry to a new level. The Chinese partners developed unique crane equipment for the complex, including a Goliath crane with a capacity of 1200 tons. They also designed and built the 40 thousand tons transport and transfer dock. They are constructing a dry dock and quays as well.
Rosneft
Information Division
November 10, 2021
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