Rosneft Sells Stake in Vankor Oilfield to CNPC

Rosneft announced late Sunday that it has signed a framework agreement with CNPC that will see the Chinese company purchase a 10-percent stake in ZAO Vankorneft – a Rosneft subsidiary that operates the Vankor oilfield in northeast Siberia.

The Vankor oilfield is located in the Turukhanskiy region. It covers some 155 square miles and contains recoverable reserves estimated at 3.6 billion barrels of oil and 6.4 trillion cubic feet of gas.

The deal was signed by Rosneft Chairman Igor Sechin and CNPC Chairman Zhou Jiping at the APEC (Asia-Pacific Economic Cooperation) summit in Beijing.

Commenting on the signing, Sechin said:

"Today's reached agreement show the systematic development of the large-scale cooperation with our Chinese partners, including the upstream area in the Russian Federation."