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Friday, 09/04/2015 7:23:33 AM

Friday, September 04, 2015 7:23:33 AM

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Russia's Rosneft (OTC:RNFTF) has signed documents with China worth more than $30B to jointly develop oil and gas fields in Russia, company president Igor Sechin says.

Under the agreement, Sinopec (NYSE:SNP) has the right to buy a 49% stake in its subsidiaries that hold the exploration licenses for the Russkoye and Yurubcheno-Tokhomskoye fields, part of an agreement on cooperation within the proposed joint development of the two oil fields.

Rosneft also says it reached a preliminary agreement for the potential acquisition of a 30% stake in a ChemChina subsidiary.

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