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Rosneft counts on expansion of range of joint projects with China’s CNPC — CEO

Rosneft notes that it became the first Russian company that succeeded to sign long-term contracts with China, including that with CNPC for supplies of 325 million tonnes of oil

MOSCOW, March 22. /TASS/. Rosneft CEO Igor Sechin has held a meeting with representatives of China National Petroleum Corporation (CNPC) as part of the state visit to Russia by Chinese President Xi Jinping, Rosneft’s press service reported on Wednesday.

The Chinese delegation was led by Huang Yongzhang, Vice President of CNPC, Executive Director and President of PetroChina.

"Our companies cooperate successfully across a range of areas, contributing to the development of energy dialogue between Russia and China and the implementation of large-scale infrastructure projects in Eurasia. We look forward to further developing integral relations with CNPC along the entire technology chain and expanding the range of joint projects," Igor Sechin said as quoted by the company’s press service.

The parties discussed a wide range of bilateral cooperation matters, including exploration, production, oil supply and carbon management, and also preparations for the 5th Russian-Chinese Energy Business Forum.

Rosneft notes that it became the first Russian company that succeeded to sign long-term contracts with China, including that with CNPC for supplies of 325 million tonnes of oil.

"From 2005 through 2022, the company’s cumulative supplies to China amounted to 442 million tons of oil. Furthermore, Rosneft and CNPC signed a contract in February 2022 to supply 100 million tons of oil to China via Kazakhstan over a 10-year period," the press service said.

In 2018, Rosneft and CNPC signed a cooperation agreement under which CNPC was given an option to acquire minority stakes in major oil and gas projects of Rosneft, in particular, in Eastern and Western Siberia. The parties also agreed to consider the CNPC proposal for rendering of services for these fields in exploration, development and production of hydrocarbons.