Manufacturing Industry
CNPC opens the door to Russian energy resources.(SPECIAL REPORT: Cooperation)(China National Petroleum Corp.)
China Chemical Reporter, January, 2007
Rosneft of Russia recently announced that it signed an agreement with CNPC on October 16th, 2006. Both sides made an investment of 10.0 million rubles and established Vostok Energy Ltd. The equity ratio between Russia and China is 51:49. (CCR2006, No. 31)
The energy cooperation between the two countries has made remarkable advances in recent years. Chinese oil companies have entered the Russian oil/gas recovery market through purchasing shares in Russian oil companies and participating in asset transfers. It is however the first time to form joint venture company with Russian oil company.
New breakthrough in cooperation
Preparations for the establishment of the joint venture company may date back to several months ago. In March 2006, the...
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