Crude oil from Rus­sia starts to ar­rive

China Daily (Canada) - - NEWSCAPSULE -

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)

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