Sources told Bloomberg that PetroChina Co was interested in making a USD 10 billion investment in Russian gas fields. The sources revealed that firm wanted to get a minority stake in gas fields located in Eastern Siberia. These gas fields were operated by Gazprom and Rosneft.

If completed, the deal would enable Russia and China to conclude a nearly decade-old transaction about gas supply which had begun in 2004. The sources spoke on the condition of anonymity because the deliberations were private.  The current transaction would have Russia supplying China with up to 68 billion cubic meters of gas annually. The supply would help meet the latter’s energy needs.

Data compiled by Bloomberg revealed that the impending acquisition would be the biggest one abroad for PetroChina. PetroChina spokesman Mao Zefeng told Bloomberg News through email, “PetroChina is willing to promote all-round cooperation with Russia’s oil companies, and hopes to invest in Russia’s upstream oil and gas exploration and development businesses.”