It is reported that the Russian oil company and China Petrochemical Corporation have reached a strategic cooperation agreement, signed a memorandum of joint development of the continental shelf of Magadan, East Siberia and Arctic seas in Russia, which theoretically makes it possible for Chinese companies to eventually obtain permission for the use of Russian mineral resources. However, Russian experts suspect that the Russian government may not really allow Chinese capital to enter its strategic resources.
Lukasov, an analyst at Russia’s “Athon†investment company, said that for a long time, Chinese companies have not been lucky enough to obtain Russian resources. A few years ago, Sinopec had wanted to participate in the tendering of Russia's Slavic Oil Company and soon it was forced to give up. Later, he began to prepare to acquire Orenburg's "motivation" oil and gas processing company, but was not approved by the anti-monopoly bureau of the Russian Federation and failed to bid. Gazprom finally won. At the end of last year, at the Yukoske oil and gas company's auction of the largest subsidiary of Yukos, Russian officials also suggested that Chinese companies do not participate in the bid. Rosneft eventually won the $6 billion acquisition money but it was used by Chinese companies and banks before 2010. China advances the form of prepayments for oil supply of 48.4 million tons.
Lukasov pointed out that after China’s generosity, Chinese companies’ access to Russian oil assets has greatly increased. It is reported that as early as this summer, Russian oil and Sinopec have signed a joint exploration agreement for the development of geological exploration and production of oil and gas, mainly Russian oil companies have been or able to obtain the development of production license. This was reflected in the corresponding documents prepared by Prime Minister Fradkov prior to his visit to China in early November. On the list of joint research projects of the Sino-Russian economic cooperation, the Magadan Peninsula, the Arctic Sea shelf, East Siberia, and Yakut oil production are listed. There are also the "Sakhalin-3" cooperation projects that both parties announced publicly as early as June of this year. However, both Russian and Chinese companies refused to make any comments on this issue, neither confirming nor denying it.
Lukasov pointed out that most of the production areas mentioned in the Sino-Russian oil company’s strategic cooperation memorandum are strategic production sources and will be openly tendered and developed after the “Mineral Law†submitted by Russia’s Ministry of Natural Resources has been passed. Among them, in the Eastern Siberia region, it is mainly the Chayanjinsk production area at the junction of Yakutia and Irkutsk region, with an oil reserve of 50 million tons and a natural gas reserve of 1.2 billion cubic meters. In the development of the Okhotsk-Hamikartan continental shelf, it is planned to implement three projects (Magadan 1, 2 and 3) with an oil reserve of 1.2 billion tons and a natural gas reserve of 1,200 billion cubic meters. The total shelfage of petroleum resources in the Arctic sea shelf is estimated to be 66.5 billion tons. The main production areas are in the Barents Sea and the Sakhalin continental shelf.
Sanakoyev, director of the Russia-China Economic Cooperation Center, said that the precondition for Rosneft’s attraction of Chinese companies to participate in the development of oil and natural gas resources is naturally Russia’s holding. If the conditions for cooperation are transparent, they are still very interested in Chinese companies that are very interested in using Russian resources. May agree to participate.
Anastrorov, an analyst at Russia’s “Big Three Dialogue†investment company, said that the development of oil and gas resources, especially the resources of the continental shelf, requires huge investments. Therefore, it is wise for Russian oil companies that have already shouldered a heavy debt burden to actively seek out foreign partners. of. For Chinese companies, they will have the opportunity to form a strategic resource alliance with Russian oil companies and eventually obtain Russian resource utilization licenses after many long-term failures.
However, Lukasov’s analysts are not optimistic about the prospects of Sino-Russian strategic resource cooperation. He wonders whether the Russian government will really give green light to Chinese companies and allow foreign capital to enter strategic resource areas. He believes that when the shortage of funds of the Russian oil company urgently needs support, it will make asset pledges, but it is related to strategic resources that the state strictly controls. The government may not allow foreign companies to enter.
Lukasov, an analyst at Russia’s “Athon†investment company, said that for a long time, Chinese companies have not been lucky enough to obtain Russian resources. A few years ago, Sinopec had wanted to participate in the tendering of Russia's Slavic Oil Company and soon it was forced to give up. Later, he began to prepare to acquire Orenburg's "motivation" oil and gas processing company, but was not approved by the anti-monopoly bureau of the Russian Federation and failed to bid. Gazprom finally won. At the end of last year, at the Yukoske oil and gas company's auction of the largest subsidiary of Yukos, Russian officials also suggested that Chinese companies do not participate in the bid. Rosneft eventually won the $6 billion acquisition money but it was used by Chinese companies and banks before 2010. China advances the form of prepayments for oil supply of 48.4 million tons.
Lukasov pointed out that after China’s generosity, Chinese companies’ access to Russian oil assets has greatly increased. It is reported that as early as this summer, Russian oil and Sinopec have signed a joint exploration agreement for the development of geological exploration and production of oil and gas, mainly Russian oil companies have been or able to obtain the development of production license. This was reflected in the corresponding documents prepared by Prime Minister Fradkov prior to his visit to China in early November. On the list of joint research projects of the Sino-Russian economic cooperation, the Magadan Peninsula, the Arctic Sea shelf, East Siberia, and Yakut oil production are listed. There are also the "Sakhalin-3" cooperation projects that both parties announced publicly as early as June of this year. However, both Russian and Chinese companies refused to make any comments on this issue, neither confirming nor denying it.
Lukasov pointed out that most of the production areas mentioned in the Sino-Russian oil company’s strategic cooperation memorandum are strategic production sources and will be openly tendered and developed after the “Mineral Law†submitted by Russia’s Ministry of Natural Resources has been passed. Among them, in the Eastern Siberia region, it is mainly the Chayanjinsk production area at the junction of Yakutia and Irkutsk region, with an oil reserve of 50 million tons and a natural gas reserve of 1.2 billion cubic meters. In the development of the Okhotsk-Hamikartan continental shelf, it is planned to implement three projects (Magadan 1, 2 and 3) with an oil reserve of 1.2 billion tons and a natural gas reserve of 1,200 billion cubic meters. The total shelfage of petroleum resources in the Arctic sea shelf is estimated to be 66.5 billion tons. The main production areas are in the Barents Sea and the Sakhalin continental shelf.
Sanakoyev, director of the Russia-China Economic Cooperation Center, said that the precondition for Rosneft’s attraction of Chinese companies to participate in the development of oil and natural gas resources is naturally Russia’s holding. If the conditions for cooperation are transparent, they are still very interested in Chinese companies that are very interested in using Russian resources. May agree to participate.
Anastrorov, an analyst at Russia’s “Big Three Dialogue†investment company, said that the development of oil and gas resources, especially the resources of the continental shelf, requires huge investments. Therefore, it is wise for Russian oil companies that have already shouldered a heavy debt burden to actively seek out foreign partners. of. For Chinese companies, they will have the opportunity to form a strategic resource alliance with Russian oil companies and eventually obtain Russian resource utilization licenses after many long-term failures.
However, Lukasov’s analysts are not optimistic about the prospects of Sino-Russian strategic resource cooperation. He wonders whether the Russian government will really give green light to Chinese companies and allow foreign capital to enter strategic resource areas. He believes that when the shortage of funds of the Russian oil company urgently needs support, it will make asset pledges, but it is related to strategic resources that the state strictly controls. The government may not allow foreign companies to enter.
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