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Rosneft to get $25 billion oil prepayment from China in 2014

January 20, 2014, 15:28 UTC+3 MOSCOW
Experts estimate Rosneft will receive $65 billion of advance payment over 2013-2017
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© ITAR-TASS/Alexey Nikolski

MOSCOW, January 20. /ITAR-TASS/. Russian oil giant Rosneft will get $25 billion in prepayment for oil supplies to China in 2014 from the China National Petroleum Corporation (CNPC), UBS analysts say in a report.

The experts also estimate Rosneft will receive $65 billion of advance payment over 2013-2017. They believe the company will make early repayment of its debt and monetize the synergy from TNK-BP integration.

As earlier reported, Rosneft has already received the first tranche of prepayment from the CNPC. The funds were transferred in two parts according to the schedule. Reports also said Rosneft had already got $20 billion, while the UBS experts estimate the transfer at $21 billion.

In June, Rosneft and the CNPC signed a contract for the supplies of 360.3 million tonnes of oil worth $270 billion over 25 years. The Russian company will get a considerable part of this sum as a prepayment of “about 70 billion,” Russian President Vladimir Putin told the St. Petersburg Economic Forum.

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