OREANDA-NEWS. Rosneft Oil Company and Chinese Petrochemical Corporation (Sinopec) executed the bilateral agreements indicative of successful development of cooperation between the largest national oil companies of Russia and China.

Under the achieved agreements, the Board of Directors of the Udmurtneft will include 9 members: the General Director to be nominated by Rosneft; four Rosneft representatives and four Sinopec representatives. The joint Advisory Committee is established at the Board of Directors to address the strategy and business planning issues and is to include five people from each company.

By now, a session of the new shareholders of Udmurtneft took place, the new Board of Directors was established and launched. The company production and commercial operations are performed as normal.