Rosneft and China National Petroleum Corporation (CNPC) agreed to expand cooperation in the exploration and development of oil and gas fields. The corresponding memorandum was signed by Rosneft President Eduard Khudainatov and CNPC CEO Jiang Zemin in the next round of Sino-Russian energy dialogue taking place in St. Petersburg, the Rosneft press service said.
Under the agreement, Rosneft and CNPC will consider the possibility of acquiring new assets for the benefit of JSC Vostok-Energy (a JV established to operate in Russia in the upstream segment, where Rosneft holds a 51% stake, while CNPC - 49%). The two parties will establish a working group to investigate possible participation of the joint venture in projects, both on the continental shelf and on land.
During the meeting the heads of the two companies noted a progress in the development of cooperation between Rosneft and CNPC in refining and marketing of oil and gas. Within the downstream joint activity the partners signed an agreement lately September on technical and economic feasibility of building a refinery in the Chinese city of Tianjin. The project work is carried out by Sino-Russian Eastern Petrochemical Company (CNPC owns 51% of shares, Rosneft - 49%).
Rosneft is a leader of the Russian oil industry, one of the largest public oil and gas companies worldwide. Rosneft is engaged largely in exploration and production of oil and gas, production of petroleum products and petrochemicals, and marketing of these products. Rosneft is included in the list of strategic enterprises of Russia. Rosneftegaz, a 100% state-owned enterprise, is the main shareholder (75.16% stake) of Rosneft. In 2009, the company produced 108.9m tons / 796m brl. Thus, since 2004 the company’s oil production soared fivefold. The aggregate annual volume of oil refining at the company’s refiners in 2009 hit a record high for the Russian oil sector, 49.8 million tons (365 million barrels.).
CNPC is China's largest manufacturer and supplier of natural gas, as well as one of the major oil companies in the country. CNPC operates in 70 countries worldwide. The volume of oil production reaches 2,750,000 brl/d.
Under the agreement, Rosneft and CNPC will consider the possibility of acquiring new assets for the benefit of JSC Vostok-Energy (a JV established to operate in Russia in the upstream segment, where Rosneft holds a 51% stake, while CNPC - 49%). The two parties will establish a working group to investigate possible participation of the joint venture in projects, both on the continental shelf and on land.
During the meeting the heads of the two companies noted a progress in the development of cooperation between Rosneft and CNPC in refining and marketing of oil and gas. Within the downstream joint activity the partners signed an agreement lately September on technical and economic feasibility of building a refinery in the Chinese city of Tianjin. The project work is carried out by Sino-Russian Eastern Petrochemical Company (CNPC owns 51% of shares, Rosneft - 49%).
Rosneft is a leader of the Russian oil industry, one of the largest public oil and gas companies worldwide. Rosneft is engaged largely in exploration and production of oil and gas, production of petroleum products and petrochemicals, and marketing of these products. Rosneft is included in the list of strategic enterprises of Russia. Rosneftegaz, a 100% state-owned enterprise, is the main shareholder (75.16% stake) of Rosneft. In 2009, the company produced 108.9m tons / 796m brl. Thus, since 2004 the company’s oil production soared fivefold. The aggregate annual volume of oil refining at the company’s refiners in 2009 hit a record high for the Russian oil sector, 49.8 million tons (365 million barrels.).
CNPC is China's largest manufacturer and supplier of natural gas, as well as one of the major oil companies in the country. CNPC operates in 70 countries worldwide. The volume of oil production reaches 2,750,000 brl/d.