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China buys a 20% stake in a Rosneft subsidiary

The deal is estimated at US $1.1 billion.

08.Nov.16 10:48 AM
By Alesya Davydova


China buys a 20% stake in a Rosneft subsidiary

China’s Beijing Gas Group Company has purchased a 20-percent stake in a subsidiary of Russian Rosneft. By signing the deal the Russian side gets help in developing resources in eastern Siberia and access to China’s lucrative gas market.

According to news agencies, the deal between Beijing Gas and Verkhnechonskneftegaz—a Rosneft subsidiary—is estimated at US $1.1 billion.

“The agreements reached with Beijing Gas … is a new milestone of the energy dialog between Russia and China. I am confident that this deal will give a new impetus to the relations between the two countries in the area of energy cooperation, while the competences and capabilities of our partner on the key distribution market will generate significant synergies from our joint operation,” Rosneft CEO Igor Sechin said in a statement.

Analysts at suppose that the deal with a Rosneft’s subsidiary may be soon followed by a much larger agreement between Russia and China. Russian government considers selling 19.5-percent stake in Rosneft – the largest world’s crude oil producer – at somewhat about US$10 billion.

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