OREANDA-NEWS. November 12, 2014. Rosneft and China National Oil & Gas Exploration and Development Corporation (CNPC subsidiary) have signed a framework agreement envisaging the purchase of a 10% share stake in Vankorneft.

The document was signed on the sidelines of the APEC summit.

The agreement was signed by Rosneft Chairman of the Managing Board Igor Sechin and CNPC Chairman of the Board of Directors Zhou Jiping. The signing ceremony was led by the President of the Russian Federation Vladimir Putin and the the President of the People’s Republic of China Xi Jinping.

The signed document regulates the key parameters of the deal, which will form the basis of the contract.

Commenting on the signing, Igor sechin said: “Today’s reached agreement show the systematic development of the large-scale cooperation with our Chinese partners, including the upstream area in the Russian Federation”.