World's Oil No.2 Consumer, World's Oil No.2 Producer Created JV

Russian state oil company Rosneft and China's National Petroleum Company have founded a joint venture for exploration and production in Russia.

Rosneft will hold 51 percent of the joint venture, named Vostok Energy, and will have three of the five seats on the board.

The Vostok Energy Joint Venture, which was agreed in principle during President Vladimir Putin's trip to Beijing in March, is the latest in a string of moves by CNPC to gain exposure to Russia.