Rosneft, Sinopec to Sign East Siberia Oil Deal

Russia's Rosneft and China's Sinopec will sign a framework cooperation agreement on the Russkoye and Yurubcheno-Tokhomskoye oil fields.

Rosneft and China's Sinopec plan to sign a cooperation deal on the Russkoye and Yurubcheno-Tokhomskoye oil fields before the year end, according to a protocol of a Russian-Chinese intergovernmental energy cooperation commission meeting.

"The sides express satisfaction with the framework cooperation agreement on the Russkoye and Yurubcheno-Tokhomskoye oil fields that was signed on September 3, 2015, between Rosneft and Sinopec, and support Rosneft and Sinopec's plans to sign the relevant binding documents on the projects before December 31, 2015," the document, a copy of which was obtained by RIA Novosti, says.

Rosneft and China Petrochemical Corporation (Sinopec) earlier signed an agreement in Beijing on the main terms of cooperation on the Russkoye and Yurubcheno-Tokhomskoye oil fields. Under the agreement, Sinopec may acquire an up to 49 percent stake in the East Siberian Oil and Gas and the Tyumenneftegaz companies, which hold licenses to prospect and develop the fields.