Russian-Chinese Energy Deal

Could be the reason for the rigged auction for the gas division of Yukos Oil:

Gazprom, Russia’s state-controlled gas monopoly, could team up with the China National Petroleum Corporation to develop the Yukos oil company’s main production asset, sold to a mystery bidder on Sunday.

Speaking in Germany, Vladimir Putin, the Russian president, said: “We don’t rule out that CNPC would take part in the production of Yuganskneftegas, which was sold at an auction.” He said CNPC did not participate in the auction. “However, Gazprom and CNPC have reached an agreement about co-operation in the energy sector.”

Immediately after Mr Putin’s statement, Gazprom said a new memorandum, signed two days before the auction, covered strategic co-operation with China in the oil sector – particularly over oil projects in Russia. It already has an agreement with CNPC over gas.

Gee, if only the U.S. had some *cough*Alaska*cough* oil and gas *cough*ANWR*cough* resources of our own to reduce our dependence on foreign oil.

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