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2017-09-22 09:00:00

RUSSIAN OIL FOR CHINA

RUSSIAN OIL FOR CHINA

REUTERS - Chinese oil refineries are gearing up to receive more Russian oil transported through an expanded Siberian pipeline network from January, likely cementing Russia's position as China's largest oil supplier in a close race with Saudi Arabia.

The planned ramp-up in pipeline supplies agreed in contracts signed in 2013 comes amid a pledge by producers to cut output to tighten global markets and illustrates the nip-and-tuck contest between the world's top oil exporters, Russia and Saudi Arabia, for dominance in the biggest crude importer, China.

Russia's top oil producer Rosneft said it is set to supply under government agreement 30 million tonnes of ESPO Blend crude to PetroChina in 2018, or 600,000 barrels per day (bpd), an increase of 50 percent from this year, after completion of the second East Siberia Pacific Ocean (ESPO) pipeline, which has a main spur to Chinese border town Mohe.

"Rosneft has enough resources to supply under all its existing contracts, including the planned increase of supplies to China by 10 million tones next year," Rosneft said in a statement emailed to Reuters on Thursday.

Top state oil firm PetroChina has designated three refineries in northeast China as the main receivers of Russian oil, with one of them undergoing an $880 million upgrade.

Liaoyang Petrochemical Corp, in Liaoning province, already a regular processor of Russian oil, is expected to double its refining capacity with the upgrade to 400,000 bpd by the end of 2018, said two refinery sources.

"Plants were told to be prepared for more Russian oil next year ... Liaoyang will be the main participant as it's poorly located for seaborne shipments," said one of the refinery sources.

A PetroChina trading executive said seven plants in northeast China are already taking Russian oil, but once upgrade works complete, plants in Liaoyang, Dalian and Jilin will be the main processors. "It's about boosting efficiency by dedicating these three plants to Russian oil," said the executive.

A PetroChina spokesman said he did not have information on the matter.

Rosneft's plan to proceed with the contracted supplies comes despite a pledge by producer club the Organization of the Petroleum Exporting Countries (OPEC), of which Saudi Arabia is the de-facto leader, and other suppliers including Russia to cut oil output by around 1.8 million bpd between January this year and March 2018.

RACE BETWEEN RUSSIA & SAUDI

Rosneft's new flows of piped oil will come as Saudi Arabia aims to secure a stake early next year in a Chinese refinery after years of negotiations and as Saudi Aramco IPO-ARMO.SE prepares for its global IPO.

Financed by Beijing's estimated $50 billion in loans to Moscow started last decade, Russia's higher pipeline sales will lift its total crude sales to China to new highs after the country overtook the Saudis for five months so far in 2017 as China's top supplier.

Chinese customs data showed Russia supplied an average of 1.18 million bpd in the first seven months of 2017, versus Saudi Arabia's 1.05 million bpd.

Suresh Sivanandam, of consultancy Wood Mackenzie, said the fresh pipeline supplies would offset part of China's domestic production declines from aging oilfields in its northeast, and allow Russia to expand its market share in the world's largest oil importer at the expense of OPEC.

But Riyadh is not giving in easily, with the Saudi energy minister vowing last month to finalise a deal with PetroChina early next year to invest in the Yunnan refinery in China's southwest that started operations this past July.

That would help secure Aramco a share in crude supply starting in 2018 to the 260,000-bpd plant that receives oil from a Myanmar port linked to Yunnan via a pipeline, said the PetroChina trading executive.

"The Saudis have been promoting hard to sell more oil, by tying up supply deals with refinery stakes," said the executive, who declined to be named as he was not authorized to speak to media.

Saudi volumes will also receive a boost through a separate supply pact with state-run China National Offshore Oil Corp that is starting up a new 200,000 bpd plant in south China.

Russia will secure the additional barrels for ESPO deliveries mostly by raising production at two new East Siberian oilfields that Rosneft launched last year – Kuyumba and Messoyakha - while it may also divert volumes from export routes to the west.

Russia and China agreed on Wednesday that Rosneft will supply China National Petroleum Corp (CNPC), parent of PetroChina, with 28.3 million tonnes of oil via the Skovorodino-Mohe pipeline in 2018, while the remaining 1.7 million tones of ESPO Blend will be loaded via Kozmino port.

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Earlier:

RUSSIA - CHINA: 

     

      SAUDIS:

 RUSSIA - CHINA - VENEZUELA OIL

September, 18, 12:30:00

RUSSIA - CHINA - VENEZUELA OIL

“The principal risk regarding Russian and Chinese activities in Venezuela in the near term is that they will exploit the unfolding crisis, including the effect of US sanctions, to deepen their control over Venezuela’s resources, and their [financial] leverage over the country as an anti-US political and military partner,” observed R. Evan Ellis, a senior associate in the Center for Strategic and International Studies’ Americas Program.

   

 SAUDIS - RUSSIA OIL DEAL

August, 31, 12:25:00

SAUDIS - RUSSIA OIL DEAL

Top oil producers Saudi Arabia and Russia are pushing to extend their deal to limit crude oil production for another three months, which would leave the output deal between OPEC and non-OPEC producers in place through the end of June, people familiar with the matter said.

 CHINA BUYS ROSNEFT 14.16%, $9 BLN

September, 11, 12:35:00

CHINA BUYS ROSNEFT 14.16%, $9 BLN

CEFC China Energy is set to take a stake of almost $9bn in Russian state-controlled oil company Rosneft, in a major strengthening of energy ties between Beijing and Moscow as relations deteriorate with the west.

   

 SAUDIS FINANCIAL PRESSURE

May, 22, 16:40:00

SAUDIS FINANCIAL PRESSURE

Saudi Arabia will go into the meeting of OPEC and non-OPEC producers in Vienna on May 25 determined to maximize its oil revenue through high prices, even if it must make large production cuts in return.

 U.S. - RUSSIA BLOCK IN VENEZUELA

September, 4, 12:10:00

U.S. - RUSSIA BLOCK IN VENEZUELA

The Trump administration is ready to block a Russian state-owned oil giant from gaining control of critical energy assets in the U.S. owned by Venezuela, senior American officials say, a move that likely would feed tensions between Washington and Moscow.

   

 SAUDI'S OIL POLICY

May, 10, 18:02:00

SAUDI'S OIL POLICY

Saudi Arabia’s conventional approach to market management is no longer working: crude has fallen back below $50 a barrel, US shale oil output is again on the rise and Saudi-led Opec, if anything, is worse off than when it agreed the supply deal back in November, having cut volumes for little upside on price.

 RUSSIA IS THE TOP

July, 24, 13:45:00

RUSSIA IS THE TOP

Russia was China's biggest crude oil supplier for a fourth straight month in June, its longest streak ever in the top spot, data from the General Administration of Customs showed on Monday.

   

 CHINA'S INVESTNENT TO SAUDI

March, 16, 18:55:00

CHINA'S INVESTNENT TO SAUDI

The nation’s $814 billion China Investment Corp. would be the principle investor in the planned flotation by Saudi Arabian Oil Co., according to the people, who asked not to be identified because the talks are private. China National Petroleum Corp. may also invest in the IPO, they said. No formal agreement has been reached, according to the people.

 РУССКИЙ ГАЗ ДЛЯ КИТАЯ

July, 5, 12:25:00

RUSSIAN GAS FOR CHINA

According to the Supplementary Agreement, gas supplies to China via the Power of Siberia gas pipeline will commence in December 2019.

   

 SAUDI'S SALES TO CHINA

March, 16, 18:50:00

SAUDI'S SALES TO CHINA

Saudi Arabia has sought to boost oil sales to China, the world's second-largest oil market, after losing market share to Russia last year, by working mostly with China's top three state oil firms.

 ROSNEFT & BGC DEAL: $1.1 BLN

November, 8, 18:50:00

ROSNEFT & BGC DEAL: $1.1 BLN

Rosneft and Beijing Gas Group Company Limited (hereinafter, "Beijing Gas") signed a Purchase and Sale Agreement and a Shareholder and Operating Agreement for the sale of a 20% stake in Verkhnechonskneftegaz (a Rosneft subsidiary) to the Chinese company, an Agreement on the Area of Mutual Interest in respect of the adjoining license areas and an Agreement on the cooperation in the gas business. The transaction execution agreement was signed in the presence of the Prime Minister of the Russian Government Dmitry Medvedev and Premier of the State Council of the People's Republic of China Li Keqiang by Rosneft Chief Executive Officer Igor Sechin and Beijing Gas Group Chairwoman of the Management Board Li Yalan.

   

 SAUDI'S DIFFICULT DECICIONS

October, 6, 18:55:00

SAUDI'S DIFFICULT DECICIONS

If Nigeria and Libya restore production, the kingdom may need to cut twice as much. U.S. shale drillers also stand ready to fill any supply gap.

 МАРШРУТЫ ГАЗПРОМА И CNPC

June, 27, 18:35:00

GAZPROM & CNPC ROUTES

The parties addressed further steps in the bilateral strategic partnership in the gas industry, particularly Russian gas exports to China. Among other issues discussed were prospects for cooperation in the field of underground gas storage and power generation in China.

   

 SAUDI&CHINA GROWTH

May, 4, 12:05:00

SAUDI&CHINA GROWTH

The head of oil in Saudi Arabia reaffirmed the country's commitment to supplying oil resources to meet increasing demand in Asia, Reuters reported. Oil Minister Ali al-Naimi recently visited China and said that oil demand in Asia is still strong, citing the increasing need for energy as the middle class grows.

 

 

Tags: RUSSIA, CHINA, OIL, SAUDI, ROSNEFT, PETROCHINA, OPEC

Chronicle:

RUSSIAN OIL FOR CHINA
2017, December, 11, 09:55:00

SAUDIS OIL FOR JAPAN

REUTERS - State oil company Saudi Aramco last week raised prices for all crude oil grades to Asia in January.

RUSSIAN OIL FOR CHINA
2017, December, 11, 09:50:00

U.S. EMPLOYMENT UP BY 228,000

U.S. BLS - Total nonfarm payroll employment increased by 228,000 in November, and the unemployment rate was unchanged at 4.1 percent, the U.S. Bureau of Labor Statistics reported today. Employment continued to trend up in professional and business services, manufacturing, and health care.

RUSSIAN OIL FOR CHINA
2017, December, 11, 09:45:00

ДОХОДЫ РОССИИ: +204,8 МЛРД. РУБ.

Отклонение нефтегазовых доходов федерального бюджета от месячной оценки, соответствующей Федеральному закону о федеральном бюджете на 2017-2019 годы, в декабре 2017 года прогнозируется в размере +204,8 млрд руб.

RUSSIAN OIL FOR CHINA
2017, December, 11, 09:40:00

OPEC WILL BACK BY 2040

“Tight oil supplies are the wild card. They have reshaped the global outlook in recent years,” observed Ayed S. Al-Qahtani, who directs the research division at the OPEC Secretariat in Vienna. “US tight oil supplies will be the most important contributor but are expected to reach their peak around 2025.”

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