On October 17, Chinese Vice Premier Zhang Gaoli met with Igor Sechin, Rosneft President and Chairman of the Management Board and Executive Secretary of the commission on the strategic development of Russia's energy sector, in Diaoyutai State Guesthouse in Beijing. They had a discussion focusing on the implementation of major Sino-Russian cooperation projects. During their meeting, CNPC Chairman Zhou Jiping and Mr. Igor Sechin signed a MOU on expanding upstream cooperation in eastern Siberia.

According to the MOU, CNPC and Rosneft will collaborate closely to develop several large-scale oil and gas fields in eastern Siberia and the Far East. A JV company will be established, with Rosneft taking 51% and CNPC 49% in the equity. CNPC and Rosneft will thereafter join hands in acquiring and developing oil and gas fields of mega reserves in eastern Siberia and the Far East. The oil produced will be used to meet the energy demand in eastern Russia and then exported to China and other Asia-Pacific countries through Russia-China Crude Pipeline.

The signing of the MOU is a new breakthrough reached by the two sides in upstream cooperation, and will surely promote future cooperation in the downstream businesses and other sectors. ​

About CNPC
CNPC is China's largest oil and gas producer and supplier, as well as one of the world's major oilfield service providers and a globally reputed contractor in engineering construction. With a presence in almost 70 countries, we are seeking an even greater international role. We provide energy in a profitable manner, and always attach great importance to our social and environmental responsibilities.

About Rosneft
Rosneft is the leader of Russia’s petroleum industry, and ranks among the world’s top publicly traded oil and gas companies. The Company is primarily engaged in exploration and production of hydrocarbons, production of petroleum products and petrochemicals, and marketing of outputs. Rosneft has been included in the Russian Government’s List of Strategic Enterprises and Organizations. The state holds 69.50% in the Company (through OJSC ROSNEFTEGAZ), while approximately 10% of shares are in free-float