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Wednesday, 21 June 2006
CHINESE OIL COMPANY BUYS INTO RUSSIA
By empty (6/21/2006 issue of the CACI Analyst)
Sinopec, which is a Chinese state-run oil company, will buy TNK-BP\'s Udmurtneft and sell a 51 percent stake in it to Rosneft while retaining the remaining 49 percent for itself, Russian media reported on June 20, quoting a Rosneft statement. \"The Moscow Times\" commented on June 21 that the deal gives \"Beijing its first stake in Russian oil and paves the way for a strategic partnership with Rosneft.\" China has actively sought out new sources of energy and natural resources abroad as its economy and notoriously inefficient energy sector expand.
Sinopec, which is a Chinese state-run oil company, will buy TNK-BP\'s Udmurtneft and sell a 51 percent stake in it to Rosneft while retaining the remaining 49 percent for itself, Russian media reported on June 20, quoting a Rosneft statement. \"The Moscow Times\" commented on June 21 that the deal gives \"Beijing its first stake in Russian oil and paves the way for a strategic partnership with Rosneft.\" China has actively sought out new sources of energy and natural resources abroad as its economy and notoriously inefficient energy sector expand. (RFE/RL)