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China eyes ownership in Russian oil

China could soon become a far bigger player in Russian oil and gas projects.

Moscow invites Chinese companies to take on more than 50 percent in strategic fields. That will open China’s door to major Arctic resources.

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“I see no political obstacles for Chinese companies’ acquisition of more than 50 percent stakes in strategic fields,” Russian Deputy PM Arkady Dvorkovich said at the Krasnoyarsk Economic Forum this week. “If there is a request, we will seriously assess it”, the government representative added, Prime.ru reports.

Dvorkovich stressed however, that the expanded ownership rules will not apply to the shelf.

Russia and China have over the last year significantly broadened their energy cooperation. Several deals signed will boost Russian gas exports to China to almost 70 billion cubic meters per year. Much of that gas will be extracted in the Arctic.

The CNCP is already the owner of a 20 percent stake in the Yamal LNG project. With a liberalized regime, that share could soon be expanded.

As previously reported, China has already signaled an interest in expanding its cooperation with Novatek and extending its share in the Yamal LNG project. The Chinese company is also interest in taking part in the development of Novatek’s Arctic LNG 1, Arctic LNG 2 and Arctic LNG 3 projects, all of them planned implemented in the Gydan Peninsula.

CNPC is also cooperating with Russian company Rosneft in the Barents Sea and the Pechora Sea and reportdly explore possibilities for joint action at the Zapadno-Prinovozemelsky, Yuzhno-Russky and Medynsko-Varandeysky structures.