Sinopec said that it has signed a framework agreement with Rosneft to jointly develop Ruskoye oil and gas fields and Yurubchenko-Toholm oil and gas fields.
According to the agreement, Sinopec has the right to acquire 49% shares of East Siberian Oil and Gas Company (ESOGC) and Tyumenneftegaz)49% owned by Rosneft. The two companies have development licenses for Russkoye oil and gas field and Yurubcheno-Tokhomskoye oil and gas field respectively.
Liu Gan, an assistant researcher at China Institute of Energy Strategy of Youshi University in China, said: "Sinopec has rich experience in cooperation with Russia." . Wang Yupu attached great importance to cooperation with Russia after he became chairman. "Russia has a demand for China's capital, technology and production capacity and hopes to strengthen cooperation with China."
According to Russian oil official website, Ruskoye oil and gas field has about 400 million tons of crude oil and more than 85 billion cubic meters of natural gas reserves. At present, the annual output of oil and gas is about 3.7 million tons. Previously, the oil field was developed by TNK-BP, a joint venture between BP and Rosneft.
At the beginning of 20 13, BP sold 50% shares of tnk-BP to Rosneft in return for1765438+200 million USD and 12.84% shares of Rosneft.
The reserves of Yurubchenko-Toholm oil and gas field are about 300 million barrels. It is planned to put into production in 20 17, and the annual production capacity will reach 5 million tons in 20 19.
The two oil and gas fields involved in the above agreement are located in the key business areas of Rosneft, and the development of tight oil and gas reservoirs will help both parties reduce the operational risks of the project. Cooperation will also enhance the strength of the project in terms of capital, technology and construction capacity.
Sinopec has always had business in Russia. Previously, Sinopec and Rosneft had cooperated on Udmurtneft and Sakhalin-3 in the Far East.
Udmurt oil project is located in Volga River-Ural region. In 2006, Sinopec acquired a 49% stake in the project for $3.5 billion. On June 17 this year, Wang Yupu, chairman of Sinopec, investigated the Udmurt oil project.
Although China and Russia are highly complementary in energy, energy cooperation has always been a "good thing after another".
An insider of Sinopec, who did not want to be named, told the interface journalist that Sinopec's previous business in Russia was "not progressing very smoothly".
"In Ruskoye and other large oil and gas fields, Sinopec and Russia have reached an agreement. When the agreement was about to be signed, the Russian State Duma suddenly passed a bill stipulating that strategic assets should not be opened to foreign national oil companies. " The source recalled to the interface journalist that Sino-Russian natural gas cooperation has been discussed for 20 years because of gas price differences.
From the perspective of economic benefits, these cooperative projects "have never made a big breakthrough, and there is little room for profit, and some projects are still in a non-profit state", he said.
When oil prices are at a high level, Russia, as a resource country, is more conservative and harsh on foreign investors. Now my attitude has changed, and I am more active and open than before. Analysts believe that this is because Russia is forced by the situation.
Zhang Kang, deputy director of the Advisory Committee of Sinopec Petroleum Exploration and Development Research Institute, said that with the collapse of oil prices and western sanctions, Russia lacks funds, talents and technology, and 60% of its oil equipment is imported. However, under sanctions, Russia can't afford even key drilling and fracturing equipment, and it is urgent to find partners for energy development such as oil and gas.
"Russia is increasingly aware of the importance of the Eastern Front. Among the countries located on the eastern front, only China has both funds, talents and technology. " Zhang Kang said.
"Sino-Russian oil and gas cooperation will help Sinopec expand its overseas business." The anonymous person said that under the current situation, Russia's investment policy for foreign-funded enterprises has been loosened, "but don't expect too much." He said that when the oil price is low, economically speaking, it may not be as cost-effective as buying crude oil directly.
According to Sinopec, the two sides will set up a joint technical working group to determine the final investment plan and finalize the final agreement.
The final result of the transaction will also depend on a series of standard conditions and the approval of relevant state departments.
On September 3, Sinopec also signed a strategic investment agreement with Sibur Group, a Russian natural gas processing and petrochemical company. According to the agreement, China Petrochemical will buy shares in Sibr and become its strategic investor.
Neither company announced the scale and amount of equity transactions.
Reuters quoted a person close to Sibr shareholders as saying that Sinopec may acquire more than 65,438+00% of Sibr. After the acquisition, Leonid Mikhelson, the chairman of the company, remains the largest shareholder of SIIC.
Wang Yupu, chairman of Sinopec, said that the development direction of Sibr integrated resource petrochemical is highly compatible with Sinopec's main business. The continuous cooperative partnership between the two parties will help Sinopec ensure the long-term source of diversified petrochemical products.
Liu Gan introduced that Sibr is the largest petrochemical enterprise in the whole industrial chain in Russia. Similar to Sinopec, both of them occupy a dominant position in their respective domestic petrochemical fields.
The above-mentioned anonymous people believe that the oil price is low, and the oil refining business has lower cost and less risk than the exploration and exploitation business. The cooperation between Sinopec and Sibr will help to improve the integration of upstream and downstream.
Liu Gan speculated that the new project referred to by Sibr may be the West Siberian Petrochemical Project, the largest investment project of the company. Official website, the company, shows that the project will invest about 9.5 billion US dollars, and plans to build a factory with an annual output of 65.438+500,000 tons of ethylene and 500,000 tons of polypropylene in Tobolik.