OREANDA-NEWS. Rosneft and the China Petroleum and Chemical Corp. (Sinopec) have signed a Corporate and Shareholder Agreement related to their joint work in exploring and developing the Veninsky block of fields on the shelf of Sakhalin Island (Sakhalin-3 project).

According to the document, which was signed on March 26, 2007 in Moscow, the wholly owned subsidiaries of Rosneft and Sinopec – Rosneft International Limited and Sinopec Overseas oil and Gas Limited – will become the owners of Venin Holding Ltd., which was established in October 2006.

Venin Holding Ltd. will in turn be the sole shareholder of Venineft, the license owner and operator of the Sakhalin-3 project. Rosneft will have a 74.9% stake in the project, with the remaining 25.1% going to Sinopec.

Oil resources at the Veninsky block are estimated at 169.4 million tonnes, and gas resources at 258.1 billion cubic meters.