Russia's second largest oil company Rosneft and the China National Petroleum Corporation say they will create a joint venture company, Vostok Energy. The venture will focus on geological survey and natural resources extraction.
Rosneft will take 51% in the company, and will gain three out of five seats on the board of directors. The deal was initially outlined during Russian President Vladimir Putin's visit to China in March. China is the world’s second largest oil consumer, and is aiming to gain further access to Russia’s energy resources.