Rosneft and CNPC agreed to increase oil supplies to China

Russian Rosneft and China’s CNPC signed an additional agreement extending the contract on oil supplies to China vis Kazakhstan
Rosneft and CNPC agreed to increase oil supplies to China
11 January 13:45 2017 Print This Article

Russian Rosneft and China’s CNPC have agreed to extend the contract on oil supplies to China via Kazakhstan and increase their volume, the Russian company said.

According to the agreement, the contract on oil supplies concluded on June 21, 2013 was prolonged till Dec. 31, 2023. From Jan. 1, 2017 to Dec. 31, 2023 Rosneft will deliver some 70 mln tons of oil, the company said.

“Rosneft and CNPC have signed an additional agreement on the increase of oil supplies via Kazakstan and to extend the contract, concluded on June 21, 2013, until December 31, 2023,” the  statement reads.

The total volume of Russian oil supplies to China, taking into account 21 mln tons already delivered, will reach 91 mln tons.

Rosneft has a successful track record of implementation of oil supply contracts to China. In 2005 — 2016, within the long-term contracts Rosneft delivered to China more than 186 million tons of oil worth over USD95 billion. By 2023, the total volume will exceed 700 mln tons.

 

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