Rosneft may come to agreement with Chinese partners on joint venture for oil production in Russia by May

Rosneft may come to an agreement with its Chinese partners on the creation of a joint venture for oil production in Russia, including on the shelf, by May, the company’s head, Igor Sechin reported.

“Currently we discuss with China (CNPC) a proposal on their participation in production in our territory, as on land, as on shelf in Sakhalin, on Arctic shelf. We have agreed to create working teams on all directions,” – Sechin said to journalists.

“By May of the current year, I expect that opportunities to discuss new projects and to sign new agreements within preparation for visit of the Russian President to China will appear,” – he added.

In October of the last year, Rosneft and CNPC signed a memorandum on the creation of a joint venture for work in Eastern Siberia. The Russian company will own 51% in the joint venture.