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CEFC China Signed Cooperation Agreement with Gazprom

CEFC China  



Executive Director Zang Jianjun and First Vice President Vadim Yakovlev signing the agreement


Zang Jianjun and Vadim Yakovlev


Delegations of CEFC China and Gazprom


On July 6, CEFC China signed an official cooperation agreement with Gazprom in St. Petersburg. The agreement was signed by Zang Jianjun, Executive Director of CEFC China and General Manager of CEFC Beijing, and Vadim Yakovlev, First Vice President of Gazprom.


According to the agreement, Gazprom will transfer the equity of three oil field sectors in the Baikal project in East Siberia to CEFC China, and both parties will achieve a win-win result by investing and developing the project together. The three sectors have excellent geographical advantage regarding the import and export of oil and gas for China, as they are 90km away from the “East Siberia-Pacific Ocean” oil pipe and close to “Power of Siberia” oil pipe.


The signing of this cooperation project marks another milestone in the establishment of comprehensive cooperative partnership and cooperation in economy and trade between China and Russia, as it is the first time Russia transferred its equity of upstream oil and gas resource. The cooperative development of the project is of great strategic significance, as it will provide solid support for China’s energy security.


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