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Rosneft and CNPC to strengthen cooperation

Published by , Editorial Assistant
Hydrocarbon Engineering,

During the visit of the delegation headed by the President of the Russian Federation Vladimir Putin to Beijing (PRC), negotiations were held between PJSC Rosneft Oil Co. (Rosneft) and China National Petroleum Corp. (CNPC) and the agreement was signed on the supply of 100 million t of oil to China through Kazakhstan for 10 years. Crude oil will be processed at factories in northwest China to meet the country's needs for petroleum products.

Rosneft’s total supplies to China since 2005 amounted to 442 million t of oil. The company is the leading oil exporter to PRC, providing 7% of the country’s total demand in raw annually. It is also one of the leading suppliers of petroleum products to China. Since 2009, the company has exported approximately 41 million t of petroleum products.

Additionally, during the visit, agreements were signed in the field of low carbon development, digitalisation and technological cooperation.

Cooperation with Chinese partners is also actively being developed within the framework of the large-scale project the Zvezda Shipbuilding Complex, which is being implemented by the Consortium of companies headed by Rosneft.

Rosneft and CNPC are organizers of Russian-Chinese Energy Business Forum established by the instruction of the President of the Russian Federation Vladimir Putin and the President of the People's Republic of China Xi Jinping. The objective of this Forum is a development of the energy dialogue between Russia and China, increase in bidirectional commodity circulation, extension of the portfolio of joint projects, attraction of investments and funding of projects.

Additionally, Rosneft and CNPC cooperate within the Joint Coordinating Committee (JCC), which was established by companies to develop cooperation in a number of strategic areas: interaction in the exploration and development of oil and gas fields, oil refining and petrochemicals, trade in oil and oil products, scientific and technical research, training of personnel, as well as the implementation of promising projects in the field of supply and oil services. In November 2021 there was the fourth meeting of the JCC.

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