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English>>People's Daily Online Exclusives

Russia’s Rosneft to Buy 30% Stake of China’s Sinopec

By Luxiao Zou (People's Daily Online)    08:37, September 04, 2015

Russia’s Rosneft signed agreements with China Petrochemical Corp. (Sinopec) on buying 30% of the stake of the latter on September 3, according the Sputnik.

The agreement was signed by Chairman of Board of Rosneft Ignor Sechin and Chairman of Board of Sinopec Wang Yupu during Russian President Vladimir Putin’s visit to Beijing’s V-Day parade, marking 70th anniversary of the victory of WWII.

According to Rosneft, the agreement settles initial negotiation of the price, structure of the trade, and some management issue.

Ignor Sechin, after signing the agreement, says, “Rosneft will exchange stakes with the part of Sinopec that participates in the Far East oil projects. Rosneft will gain the stakes of Sinopec’s petrochemical complex of the part within China.” 

(For the latest China news, Please follow People's Daily on Twitter and Facebook)(Editor:Zhang Ruiqi,Yao Chun)

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