Russia’s Rosneft Plans to Deliver Record 40 Mln Tons of Oil to China in 2017

Russia’s Rosneft Plans to Deliver Record 40 Mln Tons of Oil to China in 2017
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REUTERS/ Sergei Karpukhin/File PhotoBusiness15:10 10.09.2017(updated 15:12 10.09.2017) Get short URL
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Russia’s oil giant Rosneft will deliver 40 million metric tons of oil to China in 2017, a record amount of oil supplied to the Asian country in a year, the company’s CEO Igor Sechin said Sunday.

YUZHNO-SAKHALINSK (Russia) (Sputnik) — It was reported in late January that Rosneft was planning to deliver 31 million metric tons of oil to China.

“In [20]17 our company will deliver about 40 million metric tons of oil to China, according to our estimates. This is a record amount,” Sechin said in an interview with the broadcaster Rossiya.

The oil business between Russia and China has been actively developing recently.

During the latest BRICS summit that took place in Xiamen, China, Rosneft inked a deal with the conglomerate CEFC China Energy for the supply of Russian crude oil to China and signed a cooperation agreement for joint exploration in Siberia.

Earlier in September, Sechin said that China’s CEFC, which is set to acquire a 14.16-percent stake in Rosneft, would become a minority stakeholder in Rosneft’s upstream projects in eastern Siberia as well as other petrochemical projects.

According to the document, Rosneft will deliver a total of 91 million tons of oil to China over 10 years, including 21 million tons that were delivered under the initial contract, and an additional 56 mln tons during 2017-2023.

Source.