Russia's LUKOIL signs partnership deal with CNPC
10 September 2007 10:13
Russia's second largest oil firm LUKOIL (LKOH.MM: Quote, Profile, Research) said it had signed a strategic partnership agreement with state-run energy group China National Petroleum Corporation (CNPC) on Saturday.
LUKOIL said in a press release that the two companies plan to expand their cooperation in existing projects as well as work together on extraction, development and refining projects in third countries, Reuters reported.
Currently LUKOIL and CNPC jointly explore two oil fields in Kazakhstan. The two firms also hold a 20 percent stake each in an international consortium carrying out geological exploration in Uzbekistan's part of the Aral Sea.
LUKOIL said the two firms will create a Joint Coordinating Committee, which will convene at least twice a year.
Chinese media reported last year LUKOIL and CNPC were in talks over the possibility of jointly building more than 100 petrol stations in northeast China.
They also said the two firms would also explore the feasibility of LUKOIL supplying and processing crude oil at China's Daqing refinery, also in the northeast. LUKOIL's press release did not mention either project.
LUKOIL is one of Russia's most active firms overseas and has exploration projects in Venezuela, Colombia, Iran, Qatar, Saudi Arabia, Egypt, Uzbekistan, Kazakhstan and Azerbaijan.
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