Rosneft, CNPC discuss bilateral cooperation matters
Russia’s Rosneft and China’s CNPC held a meeting in Moscow to discuss a range of bilateral cooperation matters, including exploration, production, oil supply and carbon management, the Russian company said on March 22.
Rosneft CEO Igor Sechin met with representatives of state-owned CNPC as part of the state visit to Russia by president Xi Jinping of China. The Chinese delegation was led by Huang Yongzhang, vice president of CNPC, executive director and president of PetroChina.
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During the meeting, Rosneft and CNPC also spoke about preparations for the 5th Russian-Chinese Energy Business Forum.
Rosneft has long-term contracts with China, including that with CNPC for supplies of 325mn metric tons of oil. From 2005 through 2022, the company’s cumulative supplies to China amounted to 442mn mt of oil. Furthermore, Rosneft and CNPC signed a contract in February 2022 to supply 100mn mt of oil to China via Kazakhstan over a 10-year period.
At the 2018 Eastern Economic Forum, Rosneft and CNPC signed a cooperation agreement on exploration and production in Russia. Under the agreement, CNPC was given an option to acquire minority stakes in major oil and gas projects of Rosneft, in particular, in Eastern and Western Siberia. In addition, the parties agreed to consider the CNPC proposal for rendering of services for these fields in exploration, development and production of hydrocarbons.
As part of an agreement signed in February 2022, Rosneft and CNPC are also working on the prospects for cooperation in a number of low-carbon development areas. These include reductions in greenhouse gas emissions, especially methane, energy efficiency technologies, and CO2 capture and storage.
Rosneft and CNPC interact through the joint coordination committee, which was set up by the two companies to develop cooperation in a number of strategic areas, including oil and gas exploration and development, refining and petrochemicals, oil and petroleum product marketing, scientific and technical research and training.