China National Petroleum Corp (CNPC), the unlisted parent of the mainland's largest integrated oil company, PetroChina, agreed to buy as much as US$3 billion worth of shares in the planned initial public offering of Russian oil firm Rosneft, but only if Rosneft agrees to a "real strategic relationship", the South China Morning Post reported, citing sources. The conditions include either an expansion of an existing long-term contract for Rosneft to supply crude oil to CNPC, allowing CNPC to take part in the development of Rosneft's Vankor oilfield in eastern Siberia, or a joint-venture deal with one of Rosneft's major assets. Sources said a decision must be made within three days if Rosneft was to meet its goal of selling shares in Moscow and London by the middle of the month. A CNPC spokesman told the newspaper he was unaware of the potential deal. Rosneft is aiming to raise about US$11 billion to help pay down debt taken on during its acquisition of rival Yuganskneftegaz, a former unit of embattled Yukos Oil, whose founder is serving a nine-year jail sentence for tax fraud
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