Report: CNPC still interested in projects on Russian shelf

MOSCOW, May 30 (PRIME) -- China National Petroleum Corporation (CNPC) is still interested in projects on the Russian shelf and is in corresponding talks with oil majors Rosneft and Gazprom Neft, Chairman of CNPC’s board of directors Wang Yilin said in an interview with Rossiya 24 television channel broadcast Monday.

“Russia’s shelf is very rich in oil and gas resources, so we are very interested in participation in shelf projects in Russia. Rosneft and Gazprom Neft submitted their suggestions for participation to us. There have been no advances in this direction, and there are two reasons for that,” he said.

“First, they offered us projects that are at a very early stage of development and demand significant investments, which we see as very risky under current oil prices…Second, these partnerships have very harsh conditions which seriously limit possibilities of the Chinese side to manage the projects,” he said.

“Nevertheless, I would like to confirm that our company is interested in working on the Russian shelf, and our negotiations with Rosneft and Gazprom Neft are going on,” he said.

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