CNPC meets with Gazprom, with Yukos probably under discussion
Moscow. (Interfax-China) - The China National Petroleum Corporation (CNPC) and Gazprom have a "common vision" of the development of the oil and gas sector, a source at the Russian gas giant told Interfax following a meeting between its CEO, Alexei Miller, and Chen Geng, the head of CNPC. Whether or not that common vision involves the assets of Yukos is still not clear.
The details of the meeting are not being disclosed, but an official statement from the Russian company said, "The meeting was cordial and demonstrated a unity of opinions on oil and gas cooperation."
"It would be hard to imagine the Yukos situation not being mentioned at a meeting like this, especially against the backdrop of the American court ruling to suspend operations with Yukos assets in the final stages of Gazprom's preparations for the auction," a specialist on Russian-Chinese trade relations told Interfax.
"The tone of the statements that followed the meeting indicates that China supports Russia in this complex issue. This indicates that October's understandings between CNPC and Gazprom are working," the trade specialist said.
An informed source in Beijing earlier told Interfax that "a delegation from the Chinese corporation is in Moscow and has held talks with Gazprom's management. The meeting discussed cooperation between the two companies. It cannot be ruled out that the sides reached certain understandings on Yuganskneftegaz," the source said.
The auction for Yuganskneftegaz, the core production unit of Yukos, took place on December 19. Much to everyone's surprise, Gazprom did not table a bid for the production unit, and are believed to have been stymied by the injunction issued by the United States Bankruptcy Court last week against all bidders involved in the auction. The assets were eventually bought by a mysterious company registered as the Baikal Finance Group. However, no trace of the company has been found at its official address in Tver, according to an Interfax reporter.
A senior official at a Chinese governmental institution told Interfax that "the situation that has emerged with the Yuganskneftegaz auction following the Texas court's ruling could affect the position of China, which has not planned for CNPC's participation in the auction. Now it would be logical for the Chinese corporation to somehow try to use the current situation in China's interests."
Another Russian expert told Interfax that it should be remembered that Gazprom and CNPC had a strategic partnership agreement. "The strategic partnership agreement signed in Beijing in October provides for joint actions by the two companies in projects," the expert said.
CNPC have remained tight-lipped throughout, and a spokesman for the company refused to comment on the issue when contacted by Interfax this morning.
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