The Russian oil group Rosneft and CEFC China Energy Company have signed a cooperation agreement and a contract for the supply of Russian crude oil to China. The document paves the way for joint exploration and production projects in Western and Eastern Siberia and will lead to an increase in direct supplies of Russian crude oil to the strategic Chinese market. The document is scheduled to come into force as soon as it is approved by Rosneft.
Rosneft's share in oil production approximates 40% in the Russian Federation and 6% globally. In 2016, the Russian government sold a 19.5% stake to QHG, a consortium of Glencore and Qatar Investment Authority for US$11.3bn and the company's current shareholders are namely: the Russian government through the wholly state-owned company Rosneftegaz (50%), BP (19.75%), QHG (19.5%), one share belongs to the state represented by Federal Agency for State Property Management, while the remaining shares are free floating.