Results of Alexander Ananenkov and Wang Zuoran’s working meeting
A working meeting between Alexander Ananenkov, Deputy Chairman of Gazprom’s Management Committee and Wang Zuoran, Chairman of the Supervisory Committee of Sinopec China Petrochemical Corporation, was held today at Gazprom’s Headquarters.
The meeting debated potential development of mutually advantageous cooperation between the companies and achieved an accord to go on interacting in the sectors of mutual interest.
The parties also deliberated on the prospect of establishing an integrated gas production, transmission and supply network in Eastern Siberia and the Far East as well as on natural gas deliveries via this network to China.
“Forming a united gas transmission system in eastern Russia and signing a Russian-Chinese inter-governmental cooperation agreement will establish favorable environment for secure and long-term supplies of natural gas to China in the same way Russian gas deliveries are being effected to Europe,” – noted Alexander Ananenkov.
Sinopec Corp. is the second-largest Chinese vertically integrated petrochemical entity. Sinopec’s overall turnover for 2003 accounted for RMB 238 billion (some USD 29 billion). The company’s assets are estimated at RMB 530 billion (USD 64.5 billion).
In 2003, Sinopec produced 38.2 million tons of oil and 5.3 bcm of gas and, at present, is an Asian leader in oil refining (over 125 million tons).
Sinopec is one of the leading importers of oil and refined products to China. In 2003, the company’s overall foreign trading accounted for USD 15.84 billion (1st rating in China), including USD 13.81 billion realized from imports.
Information Directorate, OAO Gazprom