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Rosneft and CNPC hold working meeting

22 March 2023

Igor Sechin, Chief Executive Officer of Rosneft, has held a meeting with representatives of China National Petroleum Corporation (CNPC) as part of the state visit to the Russian Federation by President Xi Jinping of the People’s Republic of China.

The Chinese delegation was led by Huang Yongzhang, Vice President of CNPC, Executive Director and President of PetroChina.

“Rosneft and CNPC have been reliable partners for almost two decades, and our cooperation is of a strategic nature. Our companies cooperate successfully across a range of areas, contributing to the development of energy dialogue between Russia and China and the implementation of large-scale infrastructure projects in Eurasia. We look forward to further developing integral relations with CNPC along the entire technology chain and expanding the range of joint projects,” Igor Sechin said.

During the meeting, the two parties discussed a wide range of bilateral cooperation matters, including exploration, production, oil supply and carbon management. Representatives of Rosneft and CNPC also spoke about preparations for the 5th Russian-Chinese Energy Business Forum.

Rosneft and CNPC share a mutually beneficial partnership and strategic cooperation. Rosneft is the first Russian company that succeeded to sign long-term contracts with China, including that with CNPC for supplies of 325 million tonnes of oil. From 2005 through 2022, the Company’s cumulative supplies to China amounted to 442 million tonnes of oil. Furthermore, Rosneft and CNPC signed a contract in February 2022 to supply 100 million tonnes 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 the Russian Federation. 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 (CCS).

Rosneft and CNPC are the founders of the Russian-Chinese Energy Business Forum, which was established by the instruction of Russia’s President Vladimir Putin and China’s President Xi Jinping. The aim of the Forum is to develop a dialogue between Russia and China in the energy industry, to increase the effectiveness and scope of the joint projects portfolio, and to attract investments. Since 2018, four Forums have been held, during which some 60 agreements on mutually beneficial cooperation in the energy sector have been concluded.

Rosneft and CNPC interact through the Joint Coordination Committee (JCC), 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.

Справка:

Rosneft’s cooperation with Chinese partners in the energy sector is integral, covering all business segments—from production and supply to hydrocarbon processing and petrochemicals.

Rosneft is one of the leading exporters of oil and petroleum products to China.

Moreover, there has been a production joint venture between Rosneft and Sinopec, Udmurtneft, operating in Udmurtia since 2006. Over the years of joint work, the enterprise has produced over 103 million tonnes of oil, drilled more than 1,500 new wells and increased production drilling 7.6-fold.

Beijing Gas holds a 20% stake in Verkhnechonskneftegaz (a subsidiary of the Company), which explores and develops the Verkhnechonsk field, one of Eastern Siberia’s largest. The total С1+С2 recoverable oil and gas condensate reserves from the field amount to 320 million tonnes.

In 2021, Rosneft and a number of Chinese companies signed cooperation agreements at the Russian-Chinese Energy Business Forum to study the wind energy potential of the world’s most promising oil project, Vostok Oil, ahead of starting work on the design, construction and commissioning of a wind-based energy centre that could produce up to 200 MW.

Rosneft
Information Division
March 22, 2023