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The Exxon Mobil-led consortium developing the Sakhalin-1 project has signed a basic agreement with China National Petroleum Corp. (CNPC) on sales of natural gas from the massive project off Russia's Pacific coast, a representative for Exxon's subsidiary in Russia said Monday.
Exxon Neftegas representative Dilyara Sydykova said the two companies signed a heads of agreement on natural gas supplies to northeastern China. The agreement, which is an extension of a memorandum of understanding signed by the firms two years ago, is expected to lead to a sale and purchase agreement in the future, Sydykova said.
The deal tips the Sakhalin-1 consortium's hat at...