Kremlin green light for Chinese investment in huge Vankor oil field

The clear signal from Vladimir Putin at a time of deep strains with the West shows the value he places on China as a partner in major Siberian projects. 

'Overall, we take a cautious approach to letting in our foreign partners, but we of course set no restrictions for our Chinese friends,' the Russian president told China Vice Premier Minister Zhang Gaoli in the Sakha Republic - also called Yakutia - when they met at the opening ceremony for the construction of the Power of Siberia pipeline. 

'Vankor is one of the biggest production operations today and very promising,' he said. 

Mr Putin noted that Igor Sechin, the Rosneft president, had already floated the idea with Beijing. 

'Mr Sechin said he has proposed that you become a shareholder in one of our biggest oil production companies in the north of Russia. The state authorities support this idea and we would welcome your participation.'

In reply, Zhang Gaoli said strategic cooperation between Russia and China was long-term, durable and stable and that the sides 'must bear any hardship', noted Interfax.

Vankor is in the Turukhansk District of Krasnoyarsk region, close the border with Yamalo-Nenets Autonomous Okrug.

Its estimated reserves are put at 520 million metric tons of oil and 95 billion cubic meters of natural gas.