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9 Mar, 2022 08:53

China to boost stakes in Russian companies – media

Investors eye energy giant Gazprom and aluminum producer Rusal
China to boost stakes in Russian companies – media

China is considering acquiring or increasing investments in Russian energy and natural resource companies, Bloomberg reported on Monday, citing sources.

According to the publication, Chinese investors are specifically interested in Russian state energy giant and major gas exporter Gazprom and aluminum producer Rusal.

The Russian authorities are reportedly in talks with state-owned Chinese companies such as China National Petroleum Corp., China Petrochemical Corp., Aluminum Corp. of China, and China Minmetals Corp. regarding investment opportunities in Russian assets, the sources said.

Negotiations are currently in the early stages, but talks have already begun between Chinese and Russian energy companies, they added.

Meanwhile, a number of Western nations have imposed sanctions on Russia over the past two weeks amid its ongoing military operation in Ukraine. In the most recent development, Washington on Wednesday placed a ban on Russian oil and gas imports to the US.

Many foreign companies have been severing ties with Russian producers amid sanctions. Energy majors BP, Shell, Equinor, OMV, and Exxon Mobil announced over the past few days they would be suspending operations in Russia and scrapping contracts with Russian firms. On Tuesday, US planemaker Boeing said it would stop buying Russian titanium used for aircraft production.

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