Sakhalin 3, another major oil project, will be jointly developed by Rosneft and Sinopec, a Chinese oil and gas company which sponsored Rosneft’s purchase of Yukos. The details of the deal have not been revealed but the rumours are that the foreign stake could be some 40-50%.
      
      
       It is not the first time that Rosneft shares rich oil fields with partners from abroad. Sakhalin 1 project is capitalized on by American ExxonMobil, which owns 30%, the Japanese SODECO (30%) and the Indian ONGC, with 20% as well as Rosneft holding 20%.
      
      
       Now, it is the chance for the Chinese, with their increasingly high demand for power, to lay their hands on the deficit resource. In their turn, they have to commit themselves by financing exploration work and supply no less than half the funds necessary for the development of the Venin block.
      
      
       The three remaining blocks, so inviting for the business world, may be auctioned off late in this year or early in 2006, with LUKOIL and Gazprom as possible candidates. Gazprom voiced its interest in oil-related business more than once and does not seem to forget about it.