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Monday, October 27, 2008

Rosneft to sign oil supply contract with China

RBC, 23.10.2008, Moscow 14:21:41.– Russia's Energy Ministry expects Rosneft and the China National Petroleum Corporation (CNPC) to sign a long-term contract for oil supplies to China soon, the ministry's head Sergei Shmatko told journalists today. The Russian company will sign preliminary documents with China in the near future, he said, while the final details of the deal may be agreed upon within four to six weeks. While the exact date of contract signing still has yet to be determined, Shmatko noted, the negotiations are drawing to a close. The current oil supply contract between Rosneft and CNPC expires in 2010. Shmatko pointed out that the new contract would also be a long-term agreement, effective for at least 15 years. The document is expected to include a pricing formula as well. The minister added that the Russian authorities would never exert political pressure on businesses. He also stressed that the contract, being only a framework document, would not specify particular supply routes.

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