Russia’s biggest oil producer Rosneft and Chinese oil giant CNPC on Sunday signed a framework agreement to sell 10 percent of shares in Rosneft’s subsidiary Vankorneft to China National Oil and Gas Exploration and Development.
Vankorneft is involved in the development of the Vankor oil field in the northern part of Eastern Siberia, the largest field to have been discovered in Russia in the last 25 years. As of 1 January 2014, the initial recoverable reserves in the Vankor field are estimated at 500 million tons of oil and condensate, and 182 billion cubic meters of gas, according to Rosneft.
This comes as Russian and Chinese executives of several state-owned energy companies and banks met on Sunday to sign a package of 17 documents on energy, building and banking cooperation between the neighbor countries.
In a separate deal, China’s power generation corporation Huadian and its Russian counterpart in the western Russian region of Astrakhan agreed on joint investments into energy projects in this territory.
Russia’s RusHydro and China’s Three Gorges Dam agreed to raise funds, build and run hydroelectric power stations in Russia’s Far East. RusHydro Power China inked an agreement to cooperate on the construction of pumped storage facilities, which are used to store hydroelectric energy.
In addition, Russian state-run Sberbank signed a batch of agreements with China’s Export-Import Bank and its Export and Credit Insurance Corporation. Other agreements were signed between Russia’s VTB Bank and China’s Huawei Technologies, Vnesheconombank, its Asian subsidiary, and China Development Bank.