Rosneft, CNPC increase oil supplies China

Rosneft, CNPC to increase oil supplies to China

8:01 AM, 12th January 2017
Rosneft, CNPC logo

MOSCOW, RUSSIA/ BEIJING, CHINA: Rosneft and China National Petroleum Corporation (CNPC) signed an amendment to the agreement predicting additional supplies via Kazakhstan and the prolongation of the contract signed on 21 June 2013 till 31 December 2023.

Deliveries from 1 January 2017 to 31 December 2023 will amount 70 million tonne, whilst the total volume of the supplies (including 21 million tonne delivered previously) will amount 91 million tonne within a 10-year timeframe.

Rosneft’s integrated cooperation in the energy area with Chinese partners is of strategic nature and covers all business domains – from upstream to refining and petrochemicals’ production.

Rosneft has a successful track record of implementation of supply contracts to China. From 2005 to 2016 within the long-term contracts, signed by the Company, Rosneft delivered more than 186 million tonne of oil for to the amount of over $95 billion. The total volume of deliveries within long-term contracts will exceed 700 million tonne. Additionally, Rosneft is one of the leading suppliers of oil products to the Chinese market: from 2009 to 2016 the company delivered c. 30 million tonne of oil products amounting over $19 billion.

Together with CNPC, Rosneft implements the Tianjin refinery project. Presently the parties finalised the preparation of the feasibility study and approved the technological configuration of the refinery and a complex for the production of aromatic hydrocarbons. The annual throughput of the Tianjin refinery will be 16 million tonne, of which 9.1 million tonne will be the refining of ESPO blend, delivered by Rosneft.

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