At the military parade, Sinopec signed a contract with Rosneft to develop two oil and gas fields in Russia

On September 3, the 70th anniversary of the victory of China's Anti-Japanese War, Wang Yupu, chairman of China Petroleum and Chemical Corporation (hereinafter referred to as "Sinopec"), and Sechin, president of Rosneft, signed the "Framework Agreement on Cooperation in the Joint Development of Ruskoye Oil and Gas Field and Yurubchero-Tohom Oil and Gas Field" in Beijing, witnessed by Chinese President Xi Jinping and Russian President Vladimir Putin
.

Under the agreement, Sinopec has the right to acquire 49% of the shares of Rosneft's East Siberian Oil & Gas Company and Tyumen Oil & Gas Company
.
The two companies have development licenses
for the Ruskoye oil and gas field and the Yurub Cheno-Tohom oil and gas field, respectively.

The two sides believe that the oil and gas fields covered by the agreement have broad development prospects, and both oil and gas fields are located in key operating areas
of Rosneft.
The joint development of tight crude oil storage will help both parties jointly reduce the operational risks
of the project.
The cooperation will also enhance the project strength in terms of funding, technology and implementation capabilities
.
The two parties look forward to further expanding exploration and development cooperation
.

Sinopec and Rosneft are important partners
in each other's production and business activities.
Previously, cooperation between the two sides on the Udmurt oil project and the Sakhalin-3 project achieved good results
.
In the next step, the two sides will set up a joint technical working group to determine the final investment plan and finalize the final agreement text
.
The final outcome of the transaction will depend on a set of standard conditions and approvals by relevant national authorities
.

In addition, a strategic investment agreement
was signed with Sibur Group, Russia's leading natural gas processing and petrochemical company, during Russian President Vladimir Putin's state visit to China yesterday.
Sinopec will buy a stake in Sibur and become its strategic investor
.
This agreement is an important step
for the two sides to deepen the existing strategic cooperation.

Wang Yupu, Chairman of Sinopec, said: "The integrated development direction of Sibur's resources and petrochemical industry is very compatible with Sinopec's
main business.
This strategic investment is in line with the overall requirements of Sinopec's overseas strategic layout, and the ongoing partnership will assist Sinopec in securing a long-term source of
diversified petrochemical products.
This cooperation is also a positive attempt to implement the Belt and Road development strategy, and will further deepen the strategic partnership
of coordination between China and Russia.
”

Leonid Mikhelson, Chairman of Sibur, said: "Sinopec's strategic investment in Sinopec, a leading global energy and chemical company, clearly demonstrates its confidence in
Sibur's high-quality assets and future growth.
We are pleased to have Sinopec as our strategic investor and believe that Sinopec's participation will further enhance Sibur's business, maximize the efficiency of new large-scale projects in Sibur, and elevate the company to new heights
.
" ”