Under the deal, Sinopec will acquire a 49% stake in East Siberian Oil & Gas and Tyumenneftegaz, which hold the exploration licenses for Russkoye and Yurubcheno-Tokhomskoye fields respectively.
The value of the deal was not disclosed.
“The co-operation will enhance the projects' capacity in financing, technology and implementation,” the pair said.
As a next step, Sinopec and Rosneft will set up a joint technical group to finalise the investment plan and agreement, the duo added.
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