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Rosneft to Boost Crude Supplies to China

Pubdate:2013-02-21 09:45 Source:lijing Click:

Russian state-owned oil giant Rosneft has agreed to boost crude supplies to China, Rosneft spokesman Vladimir Tyulin said on Tuesday, without specifying the amounts involved or delivery routes.


The deal concludes a three-day visit by Rosneft President Igor Sechin to China.


Rosneft and oil pipeline monopoly Transneft currently deliver 15 million tons of crude to China annually via a Russia-China branch of the East Siberia–Pacific Ocean pipeline under a deal signed in 2009. Deliveries started in 2011. In return for long-term crude supplies, Rosneft received $15 billion and Transneft $10 billion in loans from Chinese banks in 2009.


Rosneft is once again cash-hungry as it absorbs the cost of buying up TNK-BP, the Russo-British joint venture, which is costing it over $50 billion.


China has said on numerous occasions it wants more Russian oil.


An oil industry source previously told Prime news agency Rosneft was considering supplying crude to China via the Atasu-Alashankou pipeline through Kazakhstan.


Rosneft also discussed the possibility of Chinese companies participating in projects to develop hydrocarbon deposits on the Russian continental shelf, Rosneft said in a statement.