Eric Watkins
Senior Correspondent
LOS ANGELES, Oct. 17 -– Russia's Rosneft and China National Petroleum Corp. have signed a protocol to form the joint venture Vostok Energy Ltd.
Owned 51% by Rosneft and 49% by CNPC, the JV aims at exploring Russian oil fields as well as obtaining licenses to develop them.
It also aims to become a production company that would market its own hydrocarbons in the future.
The JV's board will comprise five members: three from Rosneft and two from CNPC.
Contact Eric Watkins at [email protected].
