September 3, 2017 / 10:29 AM / 2 years ago

Russia's Rosneft, China's CEFC agree joint exploration in Siberia

FILE PHOTO - The shadow of a worker is seen next to a logo of Russia's Rosneft oil company at the central processing facility of the Rosneft-owned Priobskoye oil field outside the West Siberian city of Nefteyugansk, Russia, August 4, 2016. REUTERS/Sergei Karpukhin/File Photo

MOSCOW (Reuters) - Russian oil major Rosneft said on Sunday it signed a cooperation agreement with CEFC China Energy Company for joint exploration in Siberia.

The agreement also makes provision for “joint activity in such areas as refining, petrochemicals and crude and product trading,” Rosneft said.

Rosneft also signed a contract with CEFC for Russia to increase direct supplies of crude oil to China.

“The agreements signed today fully reflect the Company’s strategy, whose priorities includes strengthening relations with the Asia Pacific countries and, in particular, with China,” Rosneft CEO Igor Sechin said in a statement.

Reporting by Andrey Ostroukh; editing by John Stonestreet

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