ChemChina and Rosneft signed an agreement on the draft VNHK and a joint venture

PJSC "NC" Rosneft "and Chinese ChemChina September 4 signed an agreement on the establishment of the further stages of the project implementation in Eastern Petrochemical Company (VNHK) and a joint venture in relation to him. This is stated in the report of Rosneft.

The document confirms the intention of the parties to develop VNHK project and create a joint venture for the purposes of its implementation. Also, the agreement specifies the interest of the parties in the joint venture - Rosneft will own 60% and ChemChina will be 40%. The operating structure and the joint venture financing issues will be determined by the parties in the course of further negotiations.

In addition, the document specifies the schedule for the FEED (Front End Engineering and Design) and start the preparation of infrastructure, key objectives of the project and the "road map" for its implementation.

VNHK on construction project envisages the creation of the Far East of the modern petrochemical complex, which will lay the foundation for the development of the petrochemical cluster; develop infrastructure and related production in the Far Eastern Federal District; replace the export of raw materials production of products with high added value; get additional profit at the expense of sales in Asia-Pacific countries; create new jobs in the region.

PJSC "Rosneft" (TIN 7706107510) - the largest oil company in Russia and the country's largest taxpayer. Rosneft's proven reserves of hydrocarbons under SEC classification exceed 34.4 billion boe The company's authorized capital is RUB 105,981 million. This amount issued 10598177810 ordinary shares of nominal value of 0.01 rubles. The largest shareholder is the state Rosneftegas.

Rosneft's net profit under IFRS in the first half of 2016 fell by 45.8% to 103 billion rubles. Revenues decreased by 14.2% to 2.28 trillion rubles. EBITDA amounted to 621 billion rubles., A decline of 7.3%.

According to the IRS "DataCapital" AK & M Information Agency, Rosneft's net profit under RAS for the I quarter of 2016 decreased by 70% to 40,969 billion rubles. with 141,034 billion rubles. for the same period last year. The company's revenue for the I quarter amounted to 814.64 billion rubles. against 955,083 billion rubles. for the I quarter of last year.