Rosneft Working With Sinopec on Payments in National Currencies

The head of Rosneft says that the Russian company is working with China's petroleum and chemical corporation Sinopec on the issue of mutual payments in national currencies.

Russia's oil giant Rosneft is working with China's petroleum and chemical corporation Sinopec on the issue of mutual payments in national currencies, the head of the Russian company said Saturday.

"For the sale [of oil] in national currencies it is necessary to provide our traders with available financial resources. Customers will insist on a comprehensible exchange rate. We need to work more thoroughly here, clear all the details," Igor Sechin said in an interview with Rossiya-24 TV channel.

A sign at the entrance to the Rosneft oil and gas company building in the Sofia Embankment in Moscow

"We are working with Sinopec in this direction now," he added.

Sechin also noted that Rosneft is planning to expand cooperation with Vietnam Oil and Gas Group (PetroVietnam).

"We are working with Vietnam, we have some projects on production. We are planning to expand our cooperation," Igor Sechin said in an interview with Rossiya-24 TV channel.