Rosneft Signed Agreements With CNOOC And Sinopec

Russia's state-owned oil firm Rosneft signed on Friday two separate agreements with Chinese energy companies.

The documents were signed during Chinese President Hu Jintao's four-day visit to Russia.
Rosneft and Sinopec Shanghai Petrochemical Co. Ltd. agreed to create a joint venture that would look for hydrocarbons off Sakhalin Island in an area dubbed Sakhalin-3, Rosneft said in a press release.

The two companies are to approve an exploration program, which is expected to include the drilling of an exploratory well in the area next year.

Separately, Rosneft said it signed a long-term cooperation agreement with China National Petroleum Corp. (CNPC) that also calls for cooperation in offshore Sakhalin, as well as the increase of oil and gas exports to China.