Rosneft receives first payment from CNPC

Rosneft has announced that the Company received the first trance of advance payment from China National Petroleum Corporation (CNPC). The payment was received in two parts in line with the schedule agreed by the parties.

The Company receives the advance payment following the long-term crude oil supply contracts signed by Rosneft and CNPC during St Petersburg International Economic Forum in June 2013.

The contracts were signed as part of implementation of the Agreement between the Government of the Russian Federation and the Government of the People's Republic of China on extending collaboration in crude oil sales of 22^nd March, 2013.

The Agreement came into effect in late December 2013 after it was ratified by the Federal Law # 352-FZ, passed by the Russian State Duma on 10^th December, approved by the Federal Council on 18^th December and signed by the President of Russian Federation on 20^th December, 2013.

Igor Sechin, President of Rosneft, said, “We are grateful to the country’s leadership for supporting our projects. Strategic partnership with CNPC is developing in line with the agreements reached. Our Company will supply approximately 360 million t of crude oil to China for the period of 25 years.”

“In 2013 we supplied approximately 800 000 t of oil. In 2014 the supplies will be performed according to the schedule agreed between the parties via ESPO pipeline system and by transit via Kazakhstan. The supplies via Kazakhstan started on 1^st January, 2014. Moreover, we continue our cooperation on joint projects in production and refining,” added Sechin.

Adapted from press release by Hannah Priestley-Eaton

Read the article online at: https://www.worldpipelines.com/business-news/23012014/rosneft-receives-first-payment-from-cnpc/