Oil majors expand alliances and investments in Belt, Road economies

China National Petroleum Corp, the country's biggest oil and gas company, is planning to step up cooperation with countries and regions participating in the Belt and Road Initiative to further major project investments, oil and gas trade, engineering services, and new energy cooperation.

The company inked an agreement with Russia's top independent gas producer Novatek on April 25 to buy a 10 percent stake in its new liquefied natural gas project, Arctic LNG 2.

China already owns nearly a third in Novatek's first liquefaction plant, Yamal LNG, through CNPC's 20 percent and Silk Road Fund's 9.9 percent.