News Post
ChemChina and Rosneft set framework for FEPCO project future
Photo courtesy of ChemChina.
On 4th September, 2016, ChemChina President Ren Jianxin and Rosneft Chief Executive Officer Igor Sechin set out the framework for further implementation of the Far-Eastern petrochemical company (FEPCO) project during the G-20 summit in Hangzhou.
ChemChina and Rosneft had already signed a memorandum of understanding for the FEPCO project in September, 2015. In June, 2016, the parties signed a heads of agreement for a joint feasibility study of the FEPCO project. The current framework reaffirms the continuation of the joint feasibility study and the establishment of a JV subject to satisfy the outcome of the feasibility study.
FEPCO project is one of the largest industrial complexes in Russia. It is positioned to provide high value-added petrochemical products that cover the Asian-Pacific markets. It will also greatly facilitate the development of infrastructure in the Far East region.
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