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It's being reported that China's top oil and gas producer is trying to set up another joint venture in Russia next year, further tapping into the energy-rich country.

 

According to yesterday's China Business News, the China National Petroleum Corporation (CNPC) has hammered out a preliminary agreement with its Russian counterpart South Ural Oil Group to establish its second joint venture in Russia. It's likely the final contract will be inked later this year or in early 2007, the report said.

 

If sealed, the deal will result in a CNPC investment ranging from US$7 million to US$7.5 million, according to Russian media. That's not a huge investment but is in line with Russian energy laws and regulations which state that only by cooperating with local partners can foreign oil companies extract natural resources in the country.

 

"It's a wise and practical move for CNPC to partner with South Ural Oil," China Business News quoted an anonymous industrial insider as saying. "Through this approach, CNPC can get access to oil recourses in Orenburg State, where the Russian firm is located, and make use of local production and transportation infrastructures as well."

 

CNPC press officer Liu Weijiang refused to comment on the report, saying he was not aware of the situation described by either Chinese or Russian media. "And I have received no authorization to disclose any information on this matter," he added.

 

An analyst from CNPC contended that in the long run it would be a win-win situation for both Russia and China to strengthen cooperation on oil and gas as well as joint production.

 

"China demands more oil and gas to fuel its fast-growing economy while Russia has to diversify its energy export business to fend off risks," the analyst commented on condition of anonymity. "Russia's energy-rich far-eastern area is in desperate need of foreign investment to extract resources. In addition it's cost-efficient for the two countries to strengthen energy business."

 

(China Daily December 1, 2006)