Igor Sechin, President and Chairman of the Management Board at Rosneft, held talks on December 4 with Wang Qishan, Vice Premier of the People’s Republic of China and a member of the Politburo Standing Committee of the Communist Party of China.
The two discussed a broad range of issues relating to Rosneft’s cooperation with its Chinese partners, as well as attractive projects for the future.
Igor Sechin and Wang Qishan considered the terms of an intergovernmental agreement on the creation of favourable conditions for the construction and operation of a refining and petrochemicals facility as part of the Chinese-Russian Eastern Petrochemical Company (Tianjin) project.
The document will set down conditions for partnership in the construction and operation of the refining and petrochemicals facility so that the target internal rate of return can be achieved on this project. With this aim in mind, China is planning to provide a number of preferences on the government level, including the right to import crude independently, export products independently and sell petroleum products on the Chinese market, as well as other benefits.