November 1, 2017 / 4:35 AM / a year ago

Russia's Novatek signs agreement with China's CNPC on strategic cooperation

BEIJING (Reuters) - Russia’s Novatek signed agreement with state-owned China National Petroleum Corp (CNPC) on strategic cooperation on Wednesday.

China National Petroleum Corp Chairman Wang Yilin attends a news conference on the company's annual results in Hong Kong, China March 23, 2016. REUTERS/Bobby Yip

Leonid Mikhelson, chairman of Novatek and Wang Yilin, chairman of CNPC, signed the agreement at the Great Hall of the People in the presence of Russian Prime Minister Dmitry Medvedev and Chinese Premier Li Keqiang.

Novatek also signed a memorandum of understanding with China Development Bank on broad cooperation.

Russia’s Vneshekonombank and the Export-Import Bank of China signed a framework credit agreement worth up to $3 billion.

Reporting by Beijing Monitoring Desk; Editing by Christian Schmollinger

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