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Decision on sale of 49% stake in two Rosneft subsidiaries to Sinopec expected by Sept.

June 25, 21:30 UTC+3 BEIJING
"We are continuing talks with Sinopec, and I hope we agreed that by the Eastern forum [Eastern Economic Forum] in Vladivostok we will make a final decision," CEO Igor Sechin said
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BEIJING, June 25. /TASS/. Russian oil company Rosneft expects that a final decision on the sale of a 49% stake in its two subsidiaries to China’s Petrochemical Corporation (Sinopec) will be made by September, CEO Igor Sechin told reporters in Beijing on Saturday.

"We are continuing talks with Sinopec, and I hope we agreed that by the Eastern forum [Eastern Economic Forum] in Vladivostok we will make a final decision," Sechin said.

In September 2015, Rosneft signed an agreement with Sinopec on major conditions of cooperation as part of a proposed joint exploration of Russkoye and Yurubcheno-Tokhomskoye oil fields. The agreement envisages a possible purchase by Sinopec of a 49% stake in two Rosneft subsidiaries - East-Siberian Oil and Gas Company (Vostsibneftegaz) and Tyumenneftegaz (TMNGG) - that have licenses for exploration of these fields.

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