Rosneft Links with Japanese Majors for Chemical Complex
Russian oil company Rosneft has signed a cooperation agreement with Japanese firms Marubeni Corp. and Mitsubishi Heavy Industries for a gas-based chemical complex in the country’s Far East.
The deal follows several joint venture contracts that Rosneft has signed this year. Earlier this month, an agreement was struck with ChemChina to build a paints and coatings plant in Primorsky Kra. Other ventures include the Far Eastern Petrochemical (Fepco) refinery and petrochemical project in Nakhoda, eastern Russia, and a petrochemicals/polymers complex in eastern Siberia.
Under the terms of this latest pact, Rosneft and its partners will conduct a feasibility study to build a world-scale complex using Japanese technologies. The facility will be located in Russia’s Far East but the exact location will be determined upon completion of the research.
The study will be based on agreements previously signed between Rosneft and Marubeni at the St. Petersburg International Economic Forum in June 2016. The Japanese government has selected the construction of a gas chemical facility as one of the projects to be implemented by a Russian-Japanese cooperation. The project is expected to receive financial support from the Japanese Ministry of Economy, Trade and Industry.