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Russia to fulfill plan to boost oil supplies to China despite Western sanctions

September 23, 2014, 11:28 UTC+3 YUZHNO-SAKHALINSK
The Chinese side has so far said it plans to import only 600,000 tonnes out of the 2 million tonnes, envisaged by the contract with Russia's Rosneft
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© ITAR-TASS/Grigory Sysoyev

YUZHNO-SAKHALINSK, September 23. /ITAR-TASS/. Russia will be able to fulfill the plan to increase oil supplies to China despite the Western sanctions, Russia’s Deputy Energy Minister Kirill Molodtsov said at a news conference on Tuesday.

Molodtsov said, that Russia sees no risks and dangers for the projects on increased oil supplies to China not to be implemented in time.

In June, China National Petroleum Corporation (CNPC) failed to confirm the plans to increase the imports of Russian oil in 2014 under the new contract with state-owned oil giant Rosneft up to 2 million tonnes.

The Chinese side has so far said it plans to import only 600,000 tonnes out of the 2 million tonnes, envisaged by the contract.

Russian Deputy Prime Minister Arkady Dvorkovich said Rosneft is continuing consultations with CNPC to increase Russian oil supplies to China to 2 million tonnes this year.

In June 2013, Rosneft signed a $270 billion deal with CNPC to supply about 360 million metric tonnes of crude to China over 25 years.

Western sanctions imposed on Moscow over Russia’s stance on the Ukrainian crisis include a ban on supplies of high-tech equipment for shelf, Arctic and shale hydrocarbons exploration and development to the country.

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