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Monday, September 10, 2007

Lukoil and China National Petroleum Corp to Join in Developing 3rd World Oil Reserves

BEIJING (XFN-ASIA) - China National Petroleum Corp, the parent of PetroChina Co Ltd (HK 0857), has signed a strategic cooperation agreement with Russia's biggest private oil company Lukoil with an emphasis on exploration and production, the two companies said.

Under the agreement, which was signed on Sept 8, the two companies plan to expand their co-operation in existing projects as well as work together on exploration, development and refining projects in third countries.

The two companies each hold a 20 pct stake in an international consortium carrying out geological exploration in Uzbekistan's part of the Aral Sea.

The Rest @ AFX News & ABC Money.uk

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