China Petroleum Giant CNPC Eyes Stake in Russian Oil Producer Rosneft

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China National Petroleum Corporation (CNPC) is considering participation in the privatization of Russia’s state-run oil company Rosneft, the vice-president of China’s largest oil and gas producer said Thursday.

MOSCOW (Sputnik) — Russian First Deputy Energy Minister Alexei Teksler said earlier this week that Chinese investors were interested in buying Rosneft shares.

"Yes, we are considering this," CNPC’s Wang Zhongcai told journalists, adding the company had set up a working group to look into the matter.

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

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