Rosneft Sold 10% Share in Vankorneft to CNPC

Rosneft sold 10% share stake in ZAO Vankorneft to China National Oil & Gas Exploration and Development Corporation (CNPC subsidiary). The companies signed the deal on the sidelines of the APEC summit. 

“Today’s reached agreement show the systematic development of the large-scale cooperation with our Chinese partners, including the upstream area in the Russian Federation,” Rosneft Chairman of the Managing Board Igor Sechin commented on Sunday afternoon.  

Meanwhile, market rumours suggest that Russia might soon sign a deal with China, for a second pipeline between the two countries.  

The relevance assigned to cooperation between the two countries is clear. It comes as no surprise that the signing ceremony was led by the President of the Russian Federation Vladimir Putin and by the President of the People’s Republic of China Xi Jinping.

Vankorneft is a subsidiary of Rosneft, aiming at developing the Vankor field, which is located on the North of East Siberia in the Turukhankskiy region of the Krasnoyarks Krai.

Last month, Rosneft and CNPC signed the development of strategic cooperation agreement, comprising upstream projects in Russia and refining activities in China.