China’s Beijing Gas Group Company has reportedly acquired a 20-percent stake in a subsidiary of Russian Rosneft, giving the Russians help in developing resources in eastern Siberia and access to China’s lucrative gas market. The price tag on Beijing Gas’ acquisition of a 20-percent stake in Verkhnechonskneftegaz—a Rosneft subsidiary—was said to be US$1.1 billion , according to news agencies. “The agreements reached with Beijing Gas … is a new milestone of the energy dialog between Russia and China. I am confident that this deal will give a new impetus to the relations between the two countries in the area of energy cooperation, while the competences and capabilities of our partner on the key distribution market will generate significant synergies from our joint operation,” Rosneft CEO Igor Sechin said in a statement. Rosneft is 70-percent owned by the Russian government, while the biggest minority shareholder is BP, with […]