China's top oil firm says ties with Rosneft strong despite low share purchase

0 Comments | AFP, July, 2006

BEIJING (AFP) — China's largest oil company has expressed optimism about its future cooperation with Rosneft despite its failed bid to acquire a larger stake in the Russian oil giant's share offer.

China National Petroleum Corp (CNPC) in a statement on its website confirmed it was allocated only 500 million dollars worth of shares by Rosneft, just one-sixth of the three billion dollars it had sought.

"CNPC's subscription of Rosneft listed shares will further expand the cooperation and deepen the long-term cooperative relationship," a spokesman said in the statement.

The Financial Times earlier this week said Chinese demands for better access to energy reserves as part of the deal had backfired, annoying the Russians.

The South China Morning Post...