Manufacturing Industry
CNPC and Rosneft establish JV.(China National Petroleum Corp. to set up Vostok Energy Company Ltd. in a joint venture with Rosneft)(Brief article)
China Chemical Reporter, November, 2006
On October 16th, 2006, China National Petroleum Corporation (CNPC) and Rosneft of Russia signed an agreement on setting up a join venture (JV) Vostok Energy Company Ltd. with an investment of RUR10 million. The new company's stake split is 51: 49, between Rosneft and CNPC. The company's board of directors will be comprised of five persons, three of them will come from Rosneft and two from CNPC.
The new JV will conduct exploration work in Russia and obtain licenses for various types of subsoil resource use. Moreover, Vostok Energy intends to undertake production and sales of hydrocarbons, as well as use new technologies to increase effectiveness of exploration and production.
On March 21st, 2006, CNPC and Rosneft signed a framework agreement in...
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