Rosneft, Russia's state-owned oil company, and China National Petroleum Corporation have signed a protocol on establishing a joint venture, the Russian company said Tuesday.
The protocol on setting up Vostok Energy was signed by Rosneft President Sergei Bogdanchikov and CNPC President Chen Geng.
Vostok Energy will conduct geological prospecting in Russia, look for minerals deposits and obtain licenses for the use of sub-soils.
Rosneft will hold 51% in the joint venture, while CNPC will have a 49% stake in the undertaking. Vostok Energy's Board of Directors will include three representatives from Rosneft and two representatives from CNPC.
Vostok Energy will also extract and sell mineral resources and introduce new technologies to raise the efficiency of exploration and extraction. The joint venture will eventually contribute to the growth of foreign investment in Russia and help create new jobs in the country. |
