China, Russia to Jointly Develop Oil, Gas Fields in Eastern Siberia

China and Russia on Thursday signed a MoU on expanding upstream cooperation in eastern Siberia. 

The MoU was signed when Chinese Vice Premier Zhang Gaoli met with Igor Sechin, Rosneft President and Chairman of the Management Board and Executive Secretary of the commission on the strategic development of Russia's energy sector in Beijing to discuss implementation of major Sino-Russian cooperation projects.

According to the MoU, CNPC and Rosneft will collaborate closely to develop several large-scale oil and gas fields in eastern Siberia and the Far East, CNPC said a statement.

A JV company will be established, with Rosneft taking 51% and CNPC 49% in the equity.

CNPC and Rosneft will thereafter join hands in acquiring and developing oil and gas fields of mega reserves in eastern Siberia and the Far East.

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