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Rosneft, CNPC agree on supply of 100 mln tonnes of oil through Kazakhstan in 10 years

Crude oil will be processed at factories in northwest China

MOSCOW, February 4. /TASS/. During the visit of Russian President Vladimir Putin to China, Rosneft and China National Petroleum Corporation (CNPC) signed an agreement on the supply of 100 million tonnes of oil through Kazakhstan over 10 years, the Russian company reported.

"Crude oil will be processed at factories in northwest China to meet the country's needs for petroleum products," the company said.

According to the Kremlin website, the new agreement amends the oil supply agreement signed on June 21, 2013 between Rosneft and CNPC. This contract was signed for a period of 25 years and provided for the supply of 325 million tonnes of oil to the Chinese company. In December 2016, the companies entered into an additional agreement to increase oil supplies to China through the territory of Kazakhstan.

Since 2005, Rosneft has supplied 445 million tonnes of oil to China

The companies also signed the Memo on Cooperation in the field of low carbon development.

"In accordance with the agreement of Rosneft and CNPC there are prospects of interaction worked out concerning a set of areas of low carbon development, particularly in reduction of greenhouse gas emissions, including methane, technologies of energy efficiency as well as CO2 capture and storage (CCS)," Rosneft said.

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