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Russia Extends Crude Supply Deal to China

OIL

The Russian government has approved a draft protocol to extend a deal, that is set to expire in 2024, by another ten years to supply crude from Russia to oil refineries in western China according to Interfax.

  • The deal is an extension to a protocol from March 2013, from when Russia’s Rosneft signed a long-term contract to 2038 with China’s National Petroleum Corporation to supply a total of 360mn tons of oil.
  • Rosneft also signed an agreement to supply 7-10mn tons of crude per year for 5-10 years to oil refineries in western China starting as of January 2014.
  • In February 2022, CNPC signed a new agreement for the delivery of 100mn tons of oil to China through Kazakhstan over ten years for refineries in northwestern China.

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