Two Oil Companies Reaches Deal in Developing Energy Reserves Together

Two Oil Companies Reaches Deal in Developing Energy Reserves TogetherTwo of the largest companies in China and Russia have announced a breakthrough in the deal that will allow these companies to jointly work together in developing massive energy reserves in eastern Siberia. A move that shows Russia is starting to overcome its fear of Chinese encroachment.

Previously the agreement is showing that Russia is looking into Asia to search for customers to relay its abundant energy reserves and for funds to develop it. As of the moment Moscow is looking to create ties in the demand of growth in the oil and gas deficient market in China and parts of South and East Asia and countries that has slow energy consumption.

China National Petroleum Corp. and Russia’s oil giant OAO Rosneft states that based on the memorandum of Understanding that was signed said that the Russian oil company has vowed to explore and produce gas and oil in eastern Siberia. The oil that will be produced will be enough to meet the demand in eastern Russia while its excess will be exported to china and other Asian Pacific countries.

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