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Rosneft signs deal to increase oil supplies to China

BY JAMES MARSON

MOSCOW -- Rosneft signed a deal with China to more than double crude oil deliveries, tightening energy relations between Russia and China.

Rosneft will receive a $2 billion loan from China' s development bank in return for 25 years of deliveries, Rosneft CEO Igor Sechin told reporters after the signing ceremony, Russian news agencies reported.

The deal was signed during new Chinese President Xi Jinping' s visit to Moscow.

Rosneft already supplies 15 MMmtpa to China under a 2009 deal. That agreement saw China extend a $25 billion credit to Rosneft and Transneft.

CNPC will also partner with Rosneft to develop eight onshore blocks and three offshore licenses, the latest foreign partner to join the Russian company in its long term plans to tap potentially vast resources on its Arctic shelf. Rosneft already has partnership deals with Exxon Mobil, Eni and Statoil.

Gazprom signed a memorandum with CNPC to deliver gas to China from fields in the far east of Russia. The memorandum envisions deliveries of 38 Bcm a year via a pipeline from 2018, Gazprom CEO Alexei Miller told reporters after the signing ceremony, Russian news agencies reported.

Mr. Miller said a 30 year contract could be signed by the end of the year, with supplies potentially rising to 60 Bcm. He said Gazprom could receive advanced payment from China for the gas.

Dow Jones Newswires

03/24/2013

 

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