VTB and CNPC sign memorandum of understanding

In a landmark deal, Russia’s VTB Group has agreed to sign a Memorandum of Understanding MOU with China National Petroleum Corporation CNPC, China’s largest oil and gas producer and supplier. 

The wide-ranging, open-ended agreement will formalise and extend cooperation between the bank and the Chinese state-owned enterprise as the two countries forge stronger trade and investment links.

“Under the MOU, all of CNPC’s oil and gas business in Russia will be facilitated exclusively by VTB. Activities will include corporate and investment banking, private equity, foreign exchange, leasing and guarantees, but there are unlikely to be major mergers or acquisitions,” said Riccardo Orcel,...