Rosneft, CNPC look to extend upstream link

Rosneft and China National Petroleum Corp. (CNPC) have agreed to expand co-operation in the upstream sector.

Offshore staff

MOSCOW -- Rosneft and China National Petroleum Corp. (CNPC) have agreed to expand co-operation in the upstream sector.

The two companies signed a memorandum in St Petersburg, Russia, under which they will consider purchasing new offshore and onshore blocks through LLC Vostok Energy. The latter is a joint venture owned 51% by Rosneft and 49% by CNPC, which was established to operate upstream assets in Russia.

A working group will be formed to pursue opportunities.

11/23/2010

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