China National Petroleum Corporation (CNPC), China's largest oil producer, announced Wednesday that it bought Russia's OAO Rosneft 66.2252 million listed shares for 500 million US dollars at 7.55 US dollars per share, the China Daily reported.
Rosneft is scheduled to go public today on both the London and Moscow stock exchanges in an initial public offering (IPO), one of the largest of its kind worldwide.
The two companies signed a protocol promoting further cooperation in fields including petroleum exploration and development in Russia, and refining, processing and marketing in China during Russian President Putin's visit to China last March, said the paper. Rosneft has proven oil reserves of 18.942 bln barrels oil equivalent, including 14.9 bln barrels of oil reserves and 691.1 bln cubic meters of natural gas reserves, the paper wrote.
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