China's top oil group CNPC declined comment on any links to the controversial auction of Russian oil firm YUKOS' assets, but analysts said China's thirst for oil and CNPC's existing Russian ties made it likely to be a player there in future.
"Russia is an ideal partner for China, in terms of its proximity to China, rich oil assets and political relations," said Mr Michael Lee, analyst at UOB Kay Hian in Hong Kong.
State-controlled China National Petroleum Corporation (CNPC) may have a role in managing Yuganskneftegaz, the main YUKOS asset that was sold this week to an obscure outfit called Baikhal Finance Group for $9.4 billion, Russian President Vladimir Putin said yesterday.
"We do not rule out that CNPC may take part in working on this asset as well," Mr Putin said.
CNPC has long been rumoured to be mulling a joint bid for Yugansk with state gas company Gazprom, but its representatives have recently played down such a move.
Gazprom had been widely expected to buy the asset until Baikhal came on the scene, although some media reports have speculated Gazprom is behind Baikhal anyway.