Rosneft will increase oil supplies to China

Rosneft signed an annex to a long-term oil supply contract with the Chinese corporation CNPC, extending the contract until the end of 2023.

According to the contract, which entered into force on June 21, 2013, Rosneft has already supplied 21 million tons of raw materials to China. CNPC is expected to receive an additional 71 million crude oil between January 1, 2017 and December 31, 2023. This means that during the 10-year agreement, Rosneft will supply 91 million tons of oil to its Chinese partners.

Recipients in China are among the most important trading partners of Rosneft. In addition, Rosneft has become one of the largest suppliers of petroleum products to the Chinese market. In the years 2009-2016, the total volume of supplies amounted to about 30 million tons of products worth over $ 19 billion.

Together with CNPC, Rosneft is also implementing a project to build an oil refinery complex in Tianjin, which is currently completing a feasibility study. The Group approved the configuration of the refineries and the hydrocarbon production facility.