Two of Russia's top energy producers announced Tuesday agreements with China to deliver oil and gas, as the countries move to cement stronger ties.
Two of
Russia
's top
energy producers announced Tuesday agreements with
China
to
deliver oil and gas, as the countries move to cement stronger ties.
Under the terms of the deal, Rosneft (ROSN.RS) the world's largest listed crude
oil producer will supply Sinopec Group--
China
's
largest oil refiner--with 10 million metric tons of oil a year for 10 years,
Rosneft President Igor Sechin said following a meeting of top energy and
political officials in
Beijing
.
Russian Prime Minister Dmitry Medvedev later told reporters that the
Rosneft-Sinopec contract is valued at around $85 billion, Russian news agencies
reported.
Russia
's
largest independent natural gas producer, OAO Novatek (NVTK.RS), said it had
agreed to deliver 3 million tons a year of liquefied natural gas from its Yamal
LNG project to China National Petroleum Corp. for 15 years. The price will be
indexed to the Japanese Crude Cocktail, a commonly used reference price index
for long-term LNG contracts in
Japan
, the
company said.
Moscow
is increasingly looking to
Asia
for
customers and funding to help develop its vast energy reserves, with demand in
oil-and-gas-deficient
China
and
parts of
Asia
soaring while it shrinks in other industrialized
countries.
The growth in Russia-China energy links also comes at a time when global energy
trade flows are being rechanneled as huge hydrocarbon reserves are freed from
shale-rock formations in
North America
. Coal
and gas normally sold to the
U.S.
is
being displaced to
Europe
, in turn undermining demand
for Russian gas.
"The agreements reached today are the evidence of consistent development
of large-scale cooperation with our Chinese partners. The agreement will help
Rosneft arrange additional funding for exploration and production projects and
construction of the necessary infrastructure," Mr. Sechin said in a
statement.
Additionally,
Russia
mining, metals and energy conglomerate En+ Group said it had signed a strategic
cooperation agreement with Chinese power and coal producer China Huaneng Group
to jointly develop power projects in
Russia
.
Mr. Medvedev, after meeting Chinese counterpart Li Keqiang, said he hoped a
natural gas delivery contract between Russian state gas producer OAO Gazprom
(GAZP.RS) and
China
would
be signed soon.
"During our negotiations, great attention was paid to the topic of oil and
gas," Mr. Medvedev, who was once Gazprom's chairman, was quoted as saying.
"Hopefully, the agreements on gas we are about to achieve soon will be
turned into documents in a very short time."
Ακολουθήστε το energia.gr στο Google News!Παρακολουθήστε τις εξελίξεις με την υπογραφη εγκυρότητας του energia.gr
Διαβάστε ακόμα
Δευ, 3 Νοεμβρίου 2025 - 15:45
Δευ, 3 Νοεμβρίου 2025 - 15:30
Παρ, 31 Οκτωβρίου 2025 - 09:05
Παρ, 31 Οκτωβρίου 2025 - 09:00
Πεμ, 30 Οκτωβρίου 2025 - 10:19