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Sovcomflot agrees pact with China National Petroleum Corp

Sovcomflot agrees pact with China National Petroleum Corp

St. Petersburg: The Sovcomflot Group (SCF) and China National Petroleum Corporation (CNPC) have signed a strategic long-term cooperation agreement. The document was signed by the President and CEO of Sovcomflot, Mr. Sergey Frank and the President of CNPC Mr. Jiang Jiemin, in the presence of Mr. Igor Sechin, Deputy Prime Minister of the Russian Federation, and Mr. Wang Qishan, Vice-Premier of the State Council of the People's Republic of China, as part of a regular dialogue between Russia and China on energy matters.
 
The agreement is the result of ongoing joint work between Russian and Chinese specialists from SCF and CNPC (represented by its subsidiary - PetroChina International) aimed at boosting mutually beneficial cooperation between SCF - one of the world's leading tanker shipping companies, and CNPC - one of the largest oil and gas companies in the world.

In addition to the existing contracts, the parties agreed to develop a long-term partnership in the sphere of seaborne energy solutions, with the SCF fleet serving the continually growing Chinese imports of hydrocarbons. In particular, they agreed upon the format for coordination in utilising the transportation potential of the Northern Sea Route, both for delivering transit shipments of hydrocarbons and for the transportation of oil and gas from Russia's developing Arctic offshore fields.
 
SCF says the agreement will allow it to enter the sector of large-capacity VLCC tankers (of more than 300,000 dwt), which will be employed under long-term contracts for the transportation of CNPC cargoes. It is also proposed that Sovcomflot will provide assistance to its Chinese partners in training maritime specialists, on the basis of utilising SCF's vessels, using first-class corporate training and simulators centres, and the facilities of maritime academies supported by the Group. [24/11/10]

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