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China to Develop Russia’s Arctic Shelf
China’s CNPC will develop the shelf of the Arctic Ocean together with Russia’s Rosneft and Gazprom, RBC Daily reported with reference to some sources with the government.
China will provide financing and equipment in exchange for the access to Russia’s crude, RBC said, specifying the respective agreement will be probably sealed in the second quarter of 2007 and cover the fields in Kamchatka and the Sea of Okhotsk.
Development of Russia’s shelf will be within the state competence, according to the previous reports. For this purpose, Russia’s government intends to create a giant company of Gazprom, Rosneft and Zarubezhneft.
The shelf is expected to become the key source of crude and gas in the new century. By estimates of Russia’s Natural Resources Ministry, the size of its recoverable resources exceeds 100 billion tons of equivalent fuel.
www.kommersant.com
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