Reuters reported that the Russian government announced that the country's Vankor oil and gas field is now open to Chinese investors. Russian state-owned energy company Rosneft recently has reached a draft agreement with Chinese investors to sell a 10% stake in Vankor Field. The oil and gas field, located in East Siberia, produces 440,000 barrels of crude oil per day. The oil is then transported East on the East Siberia-Pacific Ocean pipeline, much of it going to northeastern China.

Russia's Vladimir Putin announced in September 2014 that the nation would “seek new energy export markets in Asia,” in order to “replace the traditional European market.”

Western investors previously expressed interest in the Vankor Field project, however Russia chose to work with China instead. Last year, Western governments imposed sanctions on Russia during the Ukraine crisis that are still in place today. The Russia government, because of this, turned to Asia to seek energy export markets. The Russian energy sector and its related companies have since issued statements welcoming Chinese investors and have been encouraging their own employees to learn to speak Mandarin in order to better work with Chinese investors.

With the Rosneft deal along with supplies from the Kazakhstan oil pipeline, China has become the largest buyer of Russian crude oil.

Source: inews.qq.com

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Keywords: Vankor field China China oil pipeline Russia oil exports