Nakhodka Terminal, Primorsky Territory (Russia’s Far East), Image: RosneftOct. 22 (Bloomberg) — OAO Rosneft outlined a deal to supply China Petrochemical Corp., or Sinopec, 100 million metric tons of crude during 10 years as Russia’s largest oil producer builds ties with buyers in the Asian market.
Russian Prime Minister Dmitry Medvedev valued the potential supplies at $85 billion, speaking to reporters after a signing ceremony today in China. The supplies may begin in 2014, with prepayments and based on prices Rosneft receives in tenders, according to a statement from the Moscow-based company.
Asia’s largest economy is set to become Russia’s largest market for oil after Rosneft and China National Petroleum Corp. signed a 25-year supply accord in June in St. Petersburg. That deal, for about 360 million tons of crude, has a value of $270 billion, according to the state-run Russian oil producer.
“The agreement will help Rosneft arrange additional funding for exploration and production projects and construction of the necessary infrastructure,” Rosneft Chief Executive Officer Igor Sechin said in the statement.
Advance payments from CNPC and Sinopec will help Rosneft, which spent $55 billion buying TNK-BP to become the world’s largest traded oil producer by output, repay debts and fund development. Rosneft, which estimated prepayment from CNPC at $70 billion, didn’t disclose the expected advance payments from Sinopec.
Under the agreement with Sinopec, Russia may partially replace crude oil supplies with oil products, according to the statement.
Rosneft and Sinopec are partners at the Udmurtneft crude producer in Russia.
Maritime Partners, LLC has entered into a definitive agreement to acquire Centerline Logistics, one of the nation’s larger operators of Jones Act-qualified liquid petroleum barges, the company announced yesterday. The...
Class-action litigation law firm Sanford Heisler Sharp McKnight, LLP filed an additional Federal Tort Claims Act (FTCA) administrative complaint against the United States Coast Guard today on behalf of a...
Maritime Partners, a privately held marine leasing and financing company, has acquired e1 Marine LLC, a move that positions the company at the forefront of hydrogen-powered solutions for the maritime...
June 25, 2025
Total Views: 537
Get The Industry’s Go-To News
Subscribe to gCaptain Daily and stay informed with the latest global maritime and offshore news
— just like 109,187 professionals
Secure Your Spot
on the gCaptain Crew
Stay informed with the latest maritime and offshore news, delivered daily straight to your inbox
— trusted by our 109,187 members
Your Gateway to the Maritime World!
Essential news coupled with the finest maritime content sourced from across the globe.
This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.