China and Russia have signed agreements aimed at strengthening their cooperation in exploration, production, and transportation of oil and gas.
Chinese President Hu Jintao recently completed a 4-day visit with Russian President Vladimir Putin.
According to a communiqué, Hu and Putin agreed to jointly support oil and natural gas projects, including Russia’s plan to lay an oil pipeline from Taishet in Eastern Siberia to Skovorodino on the border with China (see story, p. 25).
During Hu’s visit, Russia’s state-owned OAO Rosneft signed a long-term agreement with China National Petroleum Corp. (CNPC) aimed at increasing exports of Russian crude oil to China.
Rosneft promised to consider using the Atasu-Alashankou pipeline projected to run from Kazakhstan to China as well as the Taishet-Skovorodino pipeline.
Rosneft also plans to increase its oil exports to China to 9 million tonnes in 2006 from 4 million tonnes in 2005, said Rosneft Pres. Sergei Bogdanchikov after signing agreements with CNPC and Chinese Petrochemical Corp.
On July 1, Rosneft and Sinopec signed a protocol to set up a joint venture to explore the Venin Block, part of the Sakhalin III project.
Under the protocol, the companies pledged to accelerate exploration of the block and to give early approval to a new exploration program, including the drilling of an exploratory well in 2006.
In 2003, Rosneft won a 5-year license for Venin Block exploration.
