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China's oil and gas corporation ready to consider Novatek’s proposals on new projects

April 21, 15:17 UTC+3
China’s China National Petroleum Corporation has formed a working group that is reviewing participation in privatization of Rosneft
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© EPA/SERGEI ILNITSKY

MOSCOW, April 21. /TASS/. China’s China National Petroleum Corporation (CNPC) is ready to discuss proposals of the Russian gas producer Novatek on greenfield projects, first vice president of CNPC Wang Zhongcai said on Thursday.

"We have good partner relations with Novatek. If there is a proposal, we are ready to examine the issue [regarding participation in Gydan project - TASS," he said.

Novatek considers an opportunity of building a new LNG plant in Sabetta port, where the plan within Yamal LNG project framework is already under construction.

The company continues conceptual review of the plant, Novatek’s CEO Leonid Mikhelson said earlier.

Chinese loan for Yamal-LNG project is more than $10 bln

Wang Zhongcai has also pointed out that the Chinese loan for Russia’s Yamal-LNG projects amounts to more than $10 bln.

"Some technical issues with the bank have been already solved. I think that in May 2016 [the relevant agreement will be signed - TASS]," he said.

 Working group on participation in Rosneft privatization

According to the official, the corporation has formed a working group that is reviewing participation in privatization of Russia's oil giant Rosneft.

"Yes. We are interested in participation," he said adding that a possible stake will be discussed by managements of the two companies.

Wang Zhongcai said that CNPC has created a working group to study a possibility to take part in the privatization.

In January Russian President Vladimir Putin announced the decision to sell the stakes in state-owned companies Rosneft, Bashneft, VTB, Alrosa, Sovcomflot in 2016.

The Russian government expects to raise about 500-550 billion rubles from the privatization of 19.5% in Rosneft. According to Finance Minister Anton Siluanov, the stake’s privatization will "only be a plus for the company."

Presidential aide and Chairman of the Board of Directors of Rosneft Andrei Belousov said the main variant of privatization of the company’s 19% stake is to sell it to a strategic investor. In his opinion, in this case the government will raise the maximum premium from the sale. Belousov also said that selling such a stake on the open market is very difficult in the current market situation.

On April 16, Energy Minister Alexander Novak said that financial consultants on privatization of Rosneft may present their recommendations on the deal in 1-2 months. His deputy Alexei Texler told reporters that Rosneft may not be privatized in 2016,

Rosneftegaz company controls the state assets of the Russian Federation in oil and gas industry. It owns more than 69.5% of shares of Rosneft. British BP owns 19.75% of shares of Rosneft.

Rosneft, CNPC approve Tianjin refinery project

CNPC and Rosneft approved the Tianjin Refinery project.

"We were preparing this project [Tianjin Refinery - TASS] for a long time. The project was revised several times. The [project] version has already been approved," Wang said.

The investment decision to build the Tianjin Refinery in China was to be approved in March 2016. The refinery will be built by the joint venture of Rosneft and CNPC. Its construction may be completed by 2019 year-end.

Rosneft offered participation in offshore projects to CNPC

He also said that the Russian oil major Rosneft offered participation in offshore projects to CNPC.

"Rosneft mainly offered offshore exploration projects," Wang said. Huge investments are required for such projects and the economic effect should be estimated therefore, he added.

Rosneft is discussing issues pertaining to asset swaps with Chinese partners, Chief Executive Officer of the Russian company Igor Sechin said earlier.

Infographics Altai gas pipeline Altai gas pipeline
Gazprom is in negotiations with China on supplying gas via the western route in the volume of 30 billion cubic meters per year and possibly increasing it later to 100 billion cubic meters per year. Infographics by TASS

Price of gas supplies to China over "Western Route" not discussed yet 

The first vice president of CNPC has also noted that the price of natural gas supplies to China from Russia over the "Western Route" has not yet been discussed.

"We are still discussing technical matters [of gas supplies]; the gas price has not been discussed so far," Wang Zhongcai said.

The agreement with China on natural gas supplies over the "Western Route" of the Power of Siberia gas pipeline may be signed this year, Russia’s Deputy Energy Minister Kirill Molodtsov said earlier on Thursday.

The "Western Route" provides for supply of 30 bln cubic meters of gas to China over the Altai gas pipeline during 30 years. Direct supplies are scheduled to start in 2019.

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