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Russia's Rosneft says clinches oil supply deal with China's CEFC

Published 20/11/2017, 07:13
© Reuters. FILE PHOTO: Shadow of worker is seen next to logo of Russia's Rosneft oil company at central processing facility of Rosneft-owned Priobskoye oil field outside Nefteyugansk
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MOSCOW (Reuters) - Russia's largest oil producer Rosneft (MM:ROSN) said on Monday it had signed a deal with CEFC China Energy Company Ltd on oil supplies, further strengthening its foothold in the world's largest energy consumer.

© Reuters. FILE PHOTO: Shadow of worker is seen next to logo of Russia's Rosneft oil company at central processing facility of Rosneft-owned Priobskoye oil field outside Nefteyugansk

Rosneft said it would supply up to 60.8 million tonnes of oil in total in the next five years starting from Jan. 1, 2018. The price of the oil deliveries is defined according to a formula which is pegged to prices on the global market.

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