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Russia may accept majority Chinese control of oil and gas fields

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Russia may accept majority Chinese control of oil and gas fields
Russia may accept majority Chinese control of oil and gas fields

Russia may consider allowing Chinese investors more than 50 percent stakes in its strategic oil and gas fields, an official said on Friday, an about-face by Moscow that underlines its need for foreign help to develop energy reserves.

President Vladimir Putin has pushed for closer ties with Asia since the European Union and United States imposed sanctions on Russia last year over its role in the Ukraine conflict, plunging relations to lows not seen since the Cold War.

Last year, he oversaw the signing of a deal, valued by Russian state-owned gas firm Gazprom at $400 billion, to supply China with 38 billion cubic meters of gas per year by pipeline from 2019. So far, Russia sells pipeline gas only to Europe.

Last year, he oversaw the signing of a deal, valued by Russian state-owned gas firm Gazprom at $400 billion, to supply China with 38 billion cubic meters of gas per year by pipeline from 2019. So far, Russia sells pipeline gas only to Europe.

China's CNPC and Sinopec Group have made upstream investments in Russia but only in quite small projects. CNPC has an exploration block but no production as yet.

Most of Russia's oil production is based in western Siberia, where fields are running out. Any new areas for discovery, such as east Siberia and the Arctic, and hard-to-recover resources, would require foreign assistance.

According to BP, Russia's proven oil reserves, the world's 8th largest, stood at 93 billion barrels at the end of 2013. Its gas reserves were at 31.3 trillion cubic meters, second only to Iran's 33.8 trillion.

Pub Time : 2015-03-02 11:11:02 >> News list
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