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OAO Rosneft increases stake in Sakhalin-3 project with Sinopec

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State controlled Russian oil giant OAO Rosneft has taken a controlling stake in a joint venture with China's Sinopec to pump oil from the seabed around the Pacific island of Sakhalin.

Rosneft said in a statement posted on its Web site that the two companies signed an agreement on Monday that will see Rosneft's share in the company developing the Veninsky block of fields in the Sakhalin-3 project increase to 74.9 percent. The company previously held a 49.8 percent stake.

Sinopec, or China Petroleum & Chemical Corp., will retain 25.1 percent in the operating company, Venineft, but will pay for 75 percent of the cost of exploring the fields and Rosneft will pay for 25 percent, the statement said.

No price for the deal was disclosed and Rosneft spokesmen could not be reached for comment.

Rosneft has estimated the fields' reserves at 169.4 million tons of oil and 258.1 billion cubic meters of gas.

© The Associated Press

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