China's CNPC Wants to Buy More Russia's Rosneft Shares

China National Petroleum Corporation (CNPC) is interested in growth of its share in Russia's state-run Rosneft oil company, but would like to gain the right to participate in management of the company, CNPC Chairman Wang Yilin said Monday.

MOSCOW (Sputnik) — He added that partnership with the Russian company was strategic for CNPC.

"If Rosneft comes up with a proposal [about selling its shares], we will actively consider it… There is interest from our side and we will study the possibility to increase the presence in Rosneft's shares. In case of growth of our share, we would like to get the right to participate in management of the company in full concordance with the purchased share," Wang said in an interview with Russia's Rossiya-24 TV channel.

Despite the fact that CNPC has been possessing a stock of Rosneft shares since 2006, officials of the Chinese company, such as Vice-President Wang Zhongcai, have already expressed their interest in possible privatization of Russia's energy giant.

Under the state privatization plan, Rosneft is expected to privatize 19.5 percent of its state shares by the end of 2016. The Russian government controls 69.5 percent of the shares.