Rosneft-CNPC: getting cosy | beyondbrics

Rosneft-CNPC: getting cosy | beyondbrics:

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Rosneft has agreed to allow CNPC to help develop east Siberian oil resources in a move that underscores deepening energy ties between Russia and China. Coming on the eve of an official visit by Dmitry Medvedev to Beijing, the deal provides a positive backdrop for talks about a long delayed contract for Gazprom to supply gas by pipeline to China.

Rosneft and CNPC signed a memorandum on Friday calling for the creation of a joint venture to explore and produce oil in east Siberia. Development of Srednebotuobinsk, a world class oilfield sitting close to the East Siberia Pacific Oil export pipeline (Espo), will serve as the foundation of the future venture, Rosneft said in a statement.

“The memorandum is another step in developing the strategic partnership between Rosneft and CNPC in various areas of co-operation,” said Igor Sechin, president of Rosneft. “Our balanced strategic position will enable us to jointly develop and produce hydrocarbons, execute long-term supplies, jointly construct refining capacity and manage various assets.”"

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