Flanked by Russian President Vladmir Putin and Chinese President Xi Jinping, the leaders of Rosneft and Beijing Enterprises signed a heads of agreement to work together on a number of projects.
Rosneft chief executive Igor Sechin said: “The alliance with Beijing Enterprises opens up new prospects for the development of our long-term projects in East Siberia.
“Following the best international practice, we join our efforts with international partners to implement upstream projects which help us minimize our expenditures and increase the immunity of our projects to market volatility. Expertise and capabilities of our partner at the key energy resources’ end market offer significant synergies to our cooperation.”
The document also laid the foundation for Rosneft to sell 20% of the shares in its subsidiary, Verkhnechonskneftegaz, to Beijing Enterprises. The pair are expected to sign binding agreements at the end of this year.