Russia’s state-controlled oil giant Rosneft and Chinese energy company CEFC—which has agreed to buy 14 percent in Rosneft—are deepening their strategic cooperation by signing an agreement to study the possible construction of a petrochemical facility in China’s Hainan province. Rosneft and CEFC will set up joint working teams “to discuss technical configurations of the project as well as commercial and economic matters,” the Russian company said in a statement on Friday. The two companies plan to conduct a joint analysis of long-term supply of feedstock for the petrochemical facility in Hainan and to explore various options for monetizing the products, Rosneft noted. The joint petrochemical project would be the latest sign of closer ties not only between Rosneft and CEFC, but also between Russia and China. In early July, Rosneft and CEFC signed the strategic cooperation deal to collaborate in exploration and production, oil refining and petrochemicals, crude oil […]