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RIA Novosti

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Rosneft to Boost Crude Supplies to China

Rosneft to Boost Crude Supplies to China
14:35 19/02/2013
Tags: Rosneft, China, Russia

BEIJING, February 19 (RIA Novosti) – Russian state-owned oil giant Rosneft has agreed to boost crude supplies to China, Rosneft spokesman Vladimir Tyulin said on Tuesday, without specifying the amounts involved or delivery routes.

The deal concludes a three-day visit by Rosneft President Igor Sechin to China.

Rosneft and oil pipeline monopoly Transneft currently deliver 15 million tons of crude to China annually via a Russia-China branch of the East Siberia–Pacific Ocean pipeline under a deal signed in 2009. Deliveries started in 2011. In return for long-term crude supplies, Rosneft received $15 billion and Transneft $10 billion in loans from Chinese banks in 2009.

Rosneft is once again cash-hungry as it absorbs the cost of buying up TNK-BP, the Russo-British joint venture, which is costing it over $50 billion.

China has said on numerous occasions it wants more Russian oil.

An oil industry source previously told Prime news agency Rosneft was considering supplying crude to China via the Atasu-Alashankou pipeline through Kazakhstan.

Rosneft also discussed the possibility of Chinese companies participating in projects to develop hydrocarbon deposits on the Russian continental shelf, Rosneft said in a statement.

 

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RIA NovostiRosneft to Boost Crude Supplies to ChinaRosneft to Boost Crude Supplies to China

14:35 19/02/2013 Russian state-owned oil giant Rosneft has agreed to boost crude supplies to China, Rosneft spokesman Vladimir Tyulin said on Tuesday, without specifying the amounts involved or delivery routes.>>

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