Rosneft expects to expand scope of projects with CNPC

MOSCOW. March 22 (Interfax) - Rosneft CEO Igor Sechin discussed cooperation with China National Petroleum Corporation (CNPC) vice president and PetroChina president and executive director Huang Yongzhang, including in the area of oil exploration, production and supplies and carbon management, the Russian oil company said.

"Our companies successfully work together in a whole range of areas, facilitating the development of energy dialog between Russia and China and the implementation of major infrastructure projects in Eurasia. We are counting on the further development of integrated cooperation with CNPC along the whole process chain and the expansion of the range of joint projects," Sechin was quoted as saying in a Rosneft press release.

Rosneft was the first Russian company to sign long-term contracts with Chinese companies, including CNPC, for the delivery of 325 million tonnes of oil. The company exported 442 million tonnes of oil to China in the period from 2005 through 2022. In February 2022, the companies signed a contract to ship 100 million tonnes of oil to China through Kazakhstan over ten years.

Under an agreement signed in 2018, CNPC secured the option to acquire minority stakes in major Rosneft oil and gas projects located in Eastern and Western Siberia. The companies also agreed to consider the possibility of CNPC participating in the provision of services for these fields in the area of hydrocarbon exploration, development and extraction.