Rosneft, CNPC Agree on East Siberia Venture

摘要

Russia's state-controlled Rosneft and China National Petroleum Corp. (CNPC) have agreed to set up a joint venture to develop onshore projects in Russia's East Siberia, which Moscow views as one of the key drivers for future production growth. The deal is also a triumph for CNPC, which has been eyeing a role as a silent investor in Russia's upstream projects as a way to control production costs and future crude export prices.