Russia's Rosneft Signs Oil and Gas Deal with China

December 2, 2018

Pic: Rosneft
Pic: Rosneft

Russian oil giant Rosneft said that China National Chemical, known as ChemChina, agreed to purchase 2.4 million tons a year of crude oil. That amount is equivalent to 6% of Rosneft's total exports to China in 2017.

Crude oil from Eastern Siberia will be transported to a Russian Far East port by pipeline and will reach China via Russia’s Pacific port of Kozmino.

The deal allows for increasing crude oil supplies to China’s market, which is a strategic one for Rosneft, the Russian company said in press release.

"Conclusion of the contract will lead to an increase in direct supplies of oil to the strategic Chinese market and ensure a guaranteed cost-effective export channel for the Company's crude sales," said the release.

ChemChina is one of the largest petrochemical companies in the world. The company's business is focused on oil refining, production of basic and special chemical materials, agricultural chemistry, rubber products, and chemical equipment.

According to media reports, Rosneft will also form a joint venture with Beijing Gas Group to operate filling stations in Russia for natural gas-fueled vehicles.

Categories: Tankers Energy Oil Gas


Current News

BP to Shut West Chirag Platform for Maintenance

BP to Shut West Chirag Platform for Maintenance

Exxon Appoints Bank to Sell Malaysia Assets

Exxon Appoints Bank to Sell Malaysia Assets

Oxy Books Supertanker for a Record $13.25 Mln

Oxy Books Supertanker for a Record $13.25 Mln

Sinopec Resumes Production at Sichuan Gas Processing Unit

Interra Resources Spuds First Well in Kuala Pambuang Block

Interra Resources Spuds First Well in Kuala Pambuang Block

Saipem Wins BP Azerbaijan Job

Saipem Wins BP Azerbaijan Job

Rosneft Makes Discovery Offshore Sakhalin

Rosneft Makes Discovery Offshore Sakhalin

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week