Rosneft and Novatek have closed new contracts with China

The President of Rosneft I. Sechin and the Chairman of the Board of Directors of Sinopec Fu Chengyu have closed the memorandum on the export contract under the advance payment terms. The document was signed while the official visit of the Premier of Russia D. Medvedev to China. Mr. Sechin explains that the contracted oil supplies will be 10 million tons a year in the Eastern and Western directions. The contract period is 10 years.

Now Rosneft annually supplies 15 million tons of Russian oil via the Skovorodino – Mokhe pipeline. At the St. Petersburg Economic  Forum on June 21 2013, Rosneft signed the new supply contract presupposing exporting to China of 365 million tons of oil within 25 years, and the volume of the contract is $270 billion.

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