Rosneft has signed an agreement for the delivery of ten million tons of crude oil a year for ten years to China's Sinopec. This was announced by the Russian oil giant.
The document signed this morning by the two groups "provides for the delivery of ten million tons in ten years", said the number one of Rosneft, Igor Sechin, during a visit to China, according to reports from the Interfax agency, according to which the contract provides for advance payment.
The Russian public group, which this year became the first listed oil producer in the world, specifies that the contract will take effect from next year and that crude oil can be replaced by processed petroleum products. “The agreements signed today are evidence of the development of large-scale cooperation with our Chinese partners,” Sechin said.
In June, Rosneft signed a maxi-contract with another Chinese group, CNPC, for the supply of 365 million tons over 25 years, 15 million tons a year on average, double current exports, for a total of 270 billion of dollars.
Last Friday Rosneft announced that to honor the contract it will create a joint venture with CNPC for the extraction of crude oil in Eastern Siberia, giving the Chinese direct access to Russian fields.
The advance paid by Sinopec will provide "new financing for our exploration and production projects and for the construction of the necessary infrastructure," Sechin said.
Rosneft has borrowed heavily to finance the acquisition of competitor Tnk-BP and other assets that should allow it to revive oil and gas production.
