Gazprom's Subsidiary To Create Joint Ventures With Chinese Gas Companies

Representatives of Vostokgazprom, Gazprom's subsidiary, finished negotiations with representatives of large Chinese companies on May 8. Participants of the negotiations agreed to create three joint ventures between Vostokgazprom and Chinese oil and gas companies. The press secretary of Vostokgazprom reported to RosBusinessConsulting that the sides decided to create special groups to work out the plan for establishing joint ventures. The Chinese delegation consisted of representatives of the Chinese National Oil and Gas Exploration and Development Corporation (CNODC), leaders of the Moscow office of the Chinese National Petroleum Corporation (CNPC) and chiefs of the PetroChina Limited. PetroChina is a branch of CNPC, the oil and gas monopolist of China. PetroChina Ltd. produces 86 per cent of all gas in the country.