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Rosneft says agreed with Beijing Gas to set up venture to develop CNG stations in Russia

ANI  |  Moscow [Russia] 

Russia's and China's Gas companies have signed an agreement on establishing a joint venture to develop a network of (CNG) filling stations in Russia, the Russian giant said on Thursday.

Back in September, the two companies agreed on the main conditions for creating the joint venture during the Eastern Economic Forum (EEF) in the Russian city of

"An agreement to set up a joint venture for construction and operation of a network of CNG stations in on the basis of Vankor UTT was signed by and Gas Group Company Limited (hereinafter, Gas) during the first Russian-Chinese Business Forum. Under the agreement, will have a 45% stake," said in a statement.

Under the agreement, the sides plan to build about 170 CNG stations in and explore the possible use of liquefied (LNG) as a motor fuel.

The statement added that the agreement would enable the two companies to expand strategic cooperation in the use of as an environmentally friendly fuel.

is part of the Beijing Enterprises Group Limited, which is one of the leading companies in the natural gas sector, and in the Beijing region.

In June 2017, Rosneft and Beijing Gas closed the sale of a 20 percent stake in Rosneft subsidiary to the Chinese company for $1.1 billion.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, November 29 2018. 22:25 IST
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