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Rosneft to ship an extra 9 million tonnes of oil to China in 2014

07th February 2014

Rosneft has made plans to export an additional 180,000 bpd of oil to China in 2014 and may increase their crude supplies

Rosneft to ship an additional 180,000 bpd oil to China in 2014

Rosneft, Russia's largest oil producer, will export an additional 9 million tonnes (180,000 barrels per day) of oil to China this year and may increase their crude supplies.

President Vladimir Putin has made Asia the main region to conduct business for Russian companies due to the fragile condition of European economies.

A Rosneft spokesman revealed that the company, which supplied over 300,000 bpd to China last year, would escalate deliveries by 2 million tonnes to China National Petroleum Corp (CNPC) through the East Siberia-Pacific Ocean (ESPO) pipeline.

It would also send 7 million tonnes to CNPC Kazakhstan in 2014, the spokesman added.

This is the first instance of Rosneft disclosing their plans to export to China this year. They also revealed that they were still discussing Sinopec, China’s petroleum and petrochemical enterprise company.

Rosneft has planned to increase oil flows to China and has signed a memorandum with Sinopec to supply 10 million tonnes of oil within the next decade.

The Rosneft spokesman said the company is still in discussions with Sinopec over a final oil-supply agreement.

He added that "Currently, both sides are continuing work over adjustment of supply conditions. It is to early to speak about possible supply routes before the signing of the agreement."

Rosneft has also been looking to for a “joint development” with CNPC to foster Russia's offshore hydrocarbon resources.

However, they declined to disclose how much crude oil it is shipping to China through the Russian Pacific port of Kozmino, which expects to grow their total exports to 440,000-460,000 barrels per day (bpd) this year from 426,000 bpd last year.

 

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