PRESS: ExxonMobil may become owner of Eastern Petrochemical Company

MOSCOW, Nov 2 (PRIME) -- Russian oil major Rosneft is considering construction of 1.3 trillion ruble Eastern Petrochemical Company together with U.S. ExxonMobil, which may get over 50% in the project to help it avoid U.S. sanctions, Vedomosti business daily reported on Friday quoting sources close to participants of the negotiations.

The business daily said that the facility with a combined capacity of 12 million tonnes would comprise three stages for production of petroleum and gas chemistry. ExxonMobil may have to invest at least 650 billion rubles into the project.

Another source told Vedomosti that Rosneft has been negotiating the project with ExxonMobil for a while, but the U.S. company is not the only contender for a stake in Eastern Petrochemical Company.

Two other sources told Vedomosti that Rosneft discussed partnership with Sinopec early in 2018, but the status of the negotiations was unclear. Sinopec declined to comment.

(65.6517 rubles – U.S. $1)

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