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CNPC Signs Cooperation Agreements with Gazprom & Rosneft Respectively

Source: 10/15/2014, Location: Asia

In the presence of Chinese Premier Li Keqiang and Russia's Prime Minister Dmitry Medvedev, CNPC Vice President Wang Dongjin signed a technical agreement on construction and operation of the Eastern Route of Russia-China Gas Pipeline with Alexey Miller, Chairman of the Gazprom Management Committee, and an agreement for the extensions of strategic cooperation with Rosneft Head Igor Sechin.

The Technical Agreement defines the technical details of construction and operation of the Eastern Route Pipeline, including the cross-border point, gas delivery pressure, pipeline parameters, gas quality, and metering standards. Construction of the Russian section commenced on September 1, 2014, whereas construction of the Chinese section is expected to begin in the first half of 2015, and be completed in 2018.

The agreement signed with Rosneft promises integrated cooperation in upstream projects, refinery construction (Tianjin Refinery) and trade of oil and gas. The two parties also intend to join hands in oilfield services, equipment manufacturing, and technology R&D.

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