Corporate Communications

VTB Group and China's state owned oil and gas company CNPC agree to sign a Memorandum of Understanding

1 October 2013

VTB Group and China National Petroleum Corporation (CNPC), China's largest oil and gas producer and supplier, have agreed to sign a Memorandum of Understanding on mutual business cooperation. 

CNPC is China’s largest oil and gas company and one of the largest investors in Russia and the CIS. The company provides oilfield, engineering, petroleum exploration and development, as well as construction services in cooperation with a number of companies, including Gazprom, Lukoil, Novatek, among others. 

Under this MOU, VTB Group will provide CNPC with a range of products and services to support the Chinese company’s business development activities across Russia and the CIS, particularly in Kazakhstan and Azerbaijan. Additional areas of cooperation will be analyzed to expand cooperation opportunities beyond the CIS region and the Oil & Gas industry. 

Riccardo Orcel, Deputy CEO of VTB Group, said: "VTB Group is one of the fastest growing international financial institutions and we are delighted to develop closer relations with, potentially, the single most important trading partner for Russia. CNPC has a track record for signing some of the largest commercial agreements in the country and we intend to facilitate and support the development of these investments. VTB Group has an excellent relationship with China and after advising an established local financial institution on over $3.8bn investments in Russia, we look forward to working closely with CNPC.” 

Damian Chunilal, CEO Asia for VTB Capital, said: “The Asia-Pacific region is strategically important for VTB Capital’s business development and I am delighted that VTB Group is signing a Memorandum of Understanding with CNPC, China's largest state owned oil and gas company. I am confident that through this MOU, VTB Group will build a long-term and mutually beneficial partnership across the full range of commercial and investment banking services, allowing us to strengthen business and trade relations between the two countries.” 

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