Crude oil from Russia starts to arrive
Russia has started delivering crude oil to China as of the beginning of the year after the two countries signed a contract last June.
Russian state-owned oil giant Rosneft and China’s Stateowned oil giant China National Petroleum Corp signed longterm crude oil supply contracts during the St Petersburg International Economic Forum in June 2013.
Rosneft plans to supply 360 million metric tons of crude oil to China for a period of 25 years, according to the contract, valued at $270 billion in total.
“So long as China can have a diversified supply chain for energy, it will have more advantages in terms of price negotiation in the international market and ensure its energy security,” said Joseph Jacobelli, senior analyst with Bloomberg Industries. (Photo 5)