Rosneft and Chinese National Petroleum Corporation (CNPC) signed an agreement for the extensions of strategic cooperation.
The document was signed by Rosneft Head Igor Sechin and CNPC Vice President Wang Dongjin. The signing ceremony was led by the Prime Minister of the Russian Federation Dmitry Medvedev.
The agreement envisages elaboration of current and potential strategic cooperation areas . The document also foresees the fueling of a deeper collaboration in these areas. In particular, the parties intend to proceed with Upstream projects in the Russia, refinining in China (Tianjin Refinery) and other venues of cooperation. In March 2016, the parties are expected to make an investment decision regarding the Tianjin Refinery construction which may be completed by the end of 2019.
The parties intend to apply joint efforts with the scope of further expansion of strategic cooperation, including in the areas of the development of liquefied natural gas projects which embraces potential Russian LNG supplies to China.
After signing the agreement, Igor Sechin said: "Russia and China are interested in deepening and expanding cooperation in the oil and gas sector. Our companies have created a favorable environment for cooperation and we intend to further promote long-term mutually beneficial collaboration".
Current cooperation between Rosneft and CNPC is taking place, in particular, in the following areas:
- Crude supplies under a long-term crude sale and purchase agreement;
- Crude, oil products and petrochemicals export within the framework of tenders;
- JV LLC Vostok-Energy dealing with hydrocarbons exploration and production in the Irkutsk Region;
- JV Vostok Petrochemicals aiming at the Tianjin Refinery construction and refined products sales in China and across regional markets.
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REUTERS - Brent LCOc1 futures fell 43 cents, or 0.5 percent, to $79.14 a barrel by 0218 GMT, after climbing 35 cents on Tuesday. Last week, the global benchmark hit $80.50 a barrel, the highest since November 2014. U.S. West Texas Intermediate (WTI) crude CLc1 futures eased 25 cents, or 0.4 percent, to $71.95 a barrel, having climbed on Tuesday to $72.83 a barrel, the highest since November 2014.
FT - Most oil majors can now cover dividends and capital expenditure at prices around $50 per barrel, meaning that, at $80, they make a healthy surplus.
EIA - The United States remained the world's top producer of petroleum and natural gas hydrocarbons in 2017, reaching a record high. The United States has been the world's top producer of natural gas since 2009, when U.S. natural gas production surpassed that of Russia, and the world's top producer of petroleum hydrocarbons since 2013, when U.S. production exceeded Saudi Arabia’s. Since 2008, U.S. petroleum and natural gas production has increased by nearly 60%.
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