Russian oil company Lukoil has signed a strategic partnership agreement with China National Petroleum Corporation, which will see the companies co-operate on oil and gas projects in third countries.

<p>In a press release regarding the alliance, state-run China National Petroleum Corporation (CNPC) said that the long-term partnership would be active in Kazakhstan and Uzbekistan. However, the signing of the agreement also indicates a more extensive co-operation between the two sides, CNCP added.<br /><br />According to Reuters, Lukoil has said that the two companies will create a joint co-ordinating committee, which will convene at least twice a year. The state-owned oil titan is reported to have said that the collaboration will involve oil extraction, development and refining projects.</p>