Rosneft finds oil for CNPC – joint venture of the companies to produce in Yakutia

A joint venture of Rosneft and CNPC will be engaged in oil production in Eastern Siberia, including at the Srednebotuobinskoye field, recently bought by the Russian state company. Oil will be supplied, in particular, to China under the contract between Rosneft and CNPC. Rosneft also wants to produce gas there, but this is impossible for a while – Gazprom hasn’t agreed on export supplies with CNPC and hasn’t begun to construct its gas pipeline Power of Siberia.

On Friday, Rosneft and Chinese CNPC signed a memorandum on the extension of cooperation in the field of exploration and production in Eastern Siberia, the companies reported. The joint venture, where Rosneft will have 51% and CNPC – 49%, is planned to be created for this. Rosneft reports that basis of the future joint venture will be work within its subsidiary Taas-Yuryakh Neftegazodobycha (which owns a license for the Srendebotuobinskoye filed in Yakutia). Rosneft completed the asset consolidation a week ago, bought it, according to sources of Kommersant, from the businessman Vladimir Stolyarenko and the fund Ashmore.