Rosneft, Beijing Gas Group Agree to Develop Joint Mass Chain of Gas Stations

VLADIVOSTOK, (Sputnik) - The Russian Rosneft oil giant and Chinese Beijing Gas have agreed on Wednesday on the main conditions of creating a joint enterprise to build 160 gas stations in Russia, Rosneft said in a statement.

"Rosneft and Beijing Gas Group Company Limited signed an agreement at the IV Eastern Economic Forum envisioning the principal conditions for setting up a joint enterprise to build and operate a net of [gas stations]," the statement said.

Beijing Gas Group Company Limited is part of the Beijing Enterprises Group Limited, which is one of the leading companies in the natural gas sector, gas infrastructure construction and energy production in Beijing region.

Last year, Russian oil giant Rosneft has closed the sale of a 20-percent stake in Verkhnechonskneftegaz (VCNG) to China's Beijing Gas Group Company Limited for $1.1 billion. Moreover, Rosneft and Beijing Gas are reportedly considering options for developing integrated cooperation in Eastern Siberia and the Far East, involving exploration of hydrocarbons, development of fields, production and sale of gas.

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The fourth Eastern Economic Forum started on Tuesday and will last through Thursday on the island of Russky in the Russian city of Vladivostok. Rossiya Segodnya is the general information partner of the forum.