SHANGHAI (Commodity Online) : Russia's northern Siberian province of Yamalo-Nenets Autonomous Area is in talks with China to form joint energy projects.

The Autonomous region, rich for its gas and oil reserves, accounts for more than 90% of Russia's natural gas output and 12% of oil production.

According to region's energy department, it is ready to offer our Chinese partners mutually advantageous and constructive cooperation in such spheres as hydrocarbons and solid mineral resources, the Northern Sea Route, agriculture, innovations and science.

Foreign investment in the region topped $1 billion last year.

The potential of natural gas production at explored fields alone on Yamal Peninsula is estimated at 360 billion cubic meters a year for many years to come, with the peninsula's reserves estimated at over 50 trillion cubic meters.