The Busy June of Pirelli, Rosneft and ChemChina

Time: June 24th  2015   Copy editor: Tyrefull

The last few weeks have been busy ones for tire partners Pirelli SpA, Russian oil giant Rosneft and ChemChina.

Just four days into the month of June, ChemChina announced that it had established ChemChina (UK) Ltd., a wholly owned subsidiary of ChemChina Petrochemical Co., that will serve as “a London-based trading platform that will effectively complement its sister company ChemChina (Singapore) Pte. to build around-the-clock trading networks covering various fields,” according to Tyres & Accessories magazine.

According to a ChemChina spokesperson,“Engaged in crude oil trading, storage, crude oil and fuel oil shipping, and crude oil procurement for ChemChina’s refinery companies, ChemChina (UK) Ltd. has its businesses running in North America, South America, West Africa and the Mediterranean, developing collaboration with oil companies of the oil-producing countries, international energy giants and oil products companies across the world.”

At last week’s International Economic Forum in St. Petersburg, Russia, ChemChina and Rosneft signed an equity investment and crude oil supply deal. Rosneft will supply ChemChina with crude oil and take a 30% stake in its ChemChina Petrochemical Co.

According to ChemChina, the cooperation with Rosneft will result in “favorable” conditions for CCPC “to diversify its ownership structure and enhance the stability of its refineries in crude oil processing, and for both sides to improve the regional competitiveness.”

At the same economic meeting, Pirelli and Rosneft announced an expansion of the tire distribution deal the partners entered into in 2012.  The revised deal expands Pirelli POS locations in Rosneft gas stations. Later this year, the partners will create up to 15 of “flagship tire centers” in the Moscow area, with a goal of having 200 such outlets across Russia by 2019.

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