Russia's Rosneft, China discuss increasing oil deliveries

2/17/2013

Russia's Rosneft, China discuss increasing oil deliveries

BY JAMES MARSON

MOSCOW -- Chinese Vice Premier Wang Qishan and Rosneft CEO Igor Sechin discussed increasing oil deliveries to China, Rosneft said in a statement.

"The sides discussed a wide range of questions on increasing deliveries of oil to the Chinese People's Republic and also the participation of companies in upstream and downstream in Russia and China," Rosneft said in the statement.

Mr. Sechin is currently leading a Rosneft delegation on a two-day visit to China. Russian news reports in January suggested Rosneft and China were in talks on nearly doubling supplies from the current 300,000 bopd.

Reuters news agency cited four unnamed industry sources last week as saying Rosneft could receive a loan of up to $30 bn from China for doubling deliveries. A spokeswoman for Rosneft declined further comment on the talks. Rosneft denied that it was in talks on a loan from China.

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

Rosneft is acquiring competitor TNK-BP in deals worth $55 bn. In December, Mr. Sechin held talks in Russia with Mr. Wang on a proposed multibillion-dollar refinery and petrochemical project at Tianjin in China.

Dow Jones Newswires

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