Putin Offer to Sell Assets to China to Aid CNPC, Sinopec - Bloomberg:
"China’s biggest energy companies stand to benefit from Russian President Vladimir Putin’s offer yesterday to sell a stake in the country’s second-biggest oil project to “Chinese friends.”
Putin made the offer in a meeting with Chinese Vice Premier Zhang Gaoli near Yakutsk, East Siberia. OAO Rosneft, Russia’s biggest oil company, produced about 440,000 barrels a day from the Vankor project in the three months to June 30, equivalent to about 4 percent of China’s daily demand.
Russia is turning to China to spur its economy as relations sour with the U.S. and Europe over the Ukraine crisis. Moscow-based Rosneft was added to American sanctions July 16 after the U.S. government froze its Chief Executive Officer Igor Sechin’s assets abroad and slapped a visa ban. Rosneft pumps 40 percent of Russia’s crude."
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