Gazprom, Russia's state-controlled gas monopoly, could team up with the China National Petroleum Corporation to develop the Yukos oil company's main production asset, sold to a mystery bidder on Sunday.

Speaking in Germany, Vladimir Putin, the Russian president, said: "We don't rule out that CNPC would take part in the production of Yuganskneftegas, which was sold at an auction." He said CNPC did not participate in the auction. "However, Gazprom and CNPC have reached an agreement about co-operation in the energy sector."