Sino-Russian oil supply agreement finally ushered in a new turn

The time-consuming Sino-Russian oil supply agreement has finally ushered in a new turn.

On the evening of February 28, Reuters quoted Russian media reports that the Russian oil company and the national oil pipeline transportation company reached an agreement with the Chinese on the dispute over Russian crude oil supply to China. The Chinese have repaid a total of 1.34 to the Russian oil company in mid-January. Billion dollars in arrears.

The report also pointed out that the board of directors of Rosneft will review the new price clause on Tuesday, and the National Petroleum Pipeline Company has approved the new clause on February 22.

According to the report, the agreement gives CNPC a discount of US$1.50 per barrel, which means that the revenue of Rosneft will be reduced by about US$3 billion.

The reporter called the relevant person in charge of the Sino-Russian project department of PetroChina, and the other party did not comment on this.

In February 2009, CNPC and Russia Petroleum signed an energy agreement. From January 1, 2011 to December 30, 2030, Russian oil delivered 300,000 yuan to China through the EPSO (East Siberian-Pacific Transit) pipeline daily. Barrels of crude oil. In exchange, China’s National Development Bank provided Russia with US$25 billion in aid, including Russia’s national oil company’s US$15 billion, and Pipeline’s Russian oil pipeline transportation company’s US$10 billion.

According to the contract, crude oil prices will follow the market and be revised on a monthly basis. The specific prices will be determined based on the FOB prices of ESPO pipeline mixed crude oil exported from Pacific Kozyino Port. CNPC will pay oil purchases to Russian oil on a monthly basis.

However, after the first batch of Russian crude oil was shipped to China, the dispute between the two sides also escalated. Among them, the payment of oil and crude oil transportation fees is the focus of the differences between China and Russia.

In the pricing mechanism, when the two parties signed the contract two years ago, it was determined that the price of oil supply would depend on the price of oil in the ports of Novorossiysk and Primorsk. However, with the opening of Russia's Kozyino Port in the Far East, its oil supply route also extends to the port. Due to the regional time difference and oil price, Russia still insists on accounting at the original price. This once attracted Chinese opposition.

In addition, Russia once insisted on calculating the cost of fuel supply to Kozymina Port at 1815 rubles per ton. The Chinese side believes that only the beginning of the Chinese branch can be considered Skobrodino.

In the agreement signed in February 2009, the two parties did not explicitly specify the transport tariff, which means that whether CNPC chose to cross the Kokomino route via Skovorodino or another route to Mohe, China The border line must pay approximately $63.96 per tonne of oil.

Although the details of the Sino-Russian dispute have not yet been announced, an industry expert who has long tracked Sino-Russian energy cooperation accepted an interview with this reporter and predicted that the solution to this contradiction is most likely that Russia will increase the importance of total oil exports to China. signal.

"It may be possible to increase oil exports, but also include natural gas supply," the source said.