Rosneft, Sinopec Agree on Joint Development of Russian Fields
Rosneft and Sinopec have agreed to work together on the development of the Russian Russkoye and Yurubcheno-Tokhomskoye fields.
Under the agreement, which was signed during Russian President Vladimir Putin’s visit to Beijing, Sinopec has the right to acquire a 49 percent stake in East Siberian Oil and Gas Company and Tyumenneftegaz, which hold the exploration licenses for Russkoye and Yurubcheno-Tokhomskoye, respectively.
Sinopec Group and Rosneft will now set up a joint technical group to finalize the investment plan and agreement. The closing of the transaction is subject to a number of standard conditions including approval from governmental authorities.
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