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Article: Opening Up: Russia Opens Reserves To China.
- Article from:
- NEFTE Compass
- Article date:
- July 4, 2005
CopyrightCOPYRIGHT 2005 Energy Intelligence Group. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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In a move to cement relations with China, Russia has finally agreed to open up its oil and gas reserves to its fast growing neighbor.
During last week's visit to Moscow by Chinese leader Hu Jintao, when relations were defined as "partnership and strategic interaction," Russia's state-owned Rosneft signed two oil deals -- one with China's Sinopec and another with China National Petroleum Corp. (CNPC).
Rosneft and Sinopec signed a protocol on setting up a joint venture to explore the Veninsky Block on the Russian Pacific shelf's Sakhalin-3 area. The joint venture, which will hold the license to the field and be the project's operator, aims to speed up ...