Russia's largest oil producer Rosneft has agreed a new oil supply deal with Chinese partner CEFC China Energy, the company reported on November 20, 2017.
Rosneft said it would supply CEFC with 60.8 million tonnes of oil between 2018 and 2022 as the 2 companies cement their relationship following an earlier deal 2 months ago for the Chinese company to take a 14.16% stake in Rosneft for $9.1 billion.
Chinese companies have been targeting Russian partnerships in the past year or so, and have spent around $14 billion in helping develop energy projects.
Rosneft noted that the supply deal over the 5 years, which was agreed at a board of directors meeting on November 17, will begin on January 1, 2018.
The price of the oil deliveries would be defined according to a formula pegged to the global crude market.
To read the news in Russian.