• 3 minutes Australian power prices go insane
  • 7 minutes Wind droughts
  • 11 minutes  What Russia has reached over three months diplomatic and military pressure on West ?
  • 1 day Is Europe heading for winter of discontent with extensive gas shortages?
  • 2 days GREEN NEW DEAL = BLIZZARD OF LIES
  • 9 hours Hopes Are Dashed For International Oil Companies In North Iraq
  • 2 hours The United Nations' AGENDA 2030 - The vision for One World Governance ...an article by the famous Dr Robert Malone
  • 12 hours 87,000 new IRS agents, higher taxes, and a massive green energy slush fund... "Here Are The Winners And Losers In The 'Inflation Reduction Act'"-ZeroHedge
  • 2 days "The Global Digital ID Prison" by James Corbett of CorbettReport.com
  • 5 days Changing Gazprom ADRs to Russian shares
  • 4 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
U.S. Sanctions Russian Steel Giant MMK

U.S. Sanctions Russian Steel Giant MMK

The United States has added…

Rosneft, Chinese CEFC Ink Strategic Deal

Russia’s largest state oil major, Rosneft, along with CEFC China Energy Company, sealed a strategic cooperation deal for the joint development of oil and gas projects in Siberia at this year’s BRICS summit, the Russian company said in a press release.

In addition to joint upstream project development, the deal covers cooperation in other segments of the industry, including oil refining, petrochemicals production, and crude oil and oil product trade. No details about the value of the deal were disclosed.

CEFC China Energy is the largest private energy business in China and has been investing heavily both at home and abroad, including projects in Central Asia, Eastern Europe, and the Middle East. At home, the company has been buying and building oil storage capacity. CEFC has even been entrusted with storing part of China’s strategic petroleum reserve.

Besides its energy business, CEFC is also active in financial services and online insurance.

Earlier this month, Reuters said in an exclusive report that the Chinese company was in early talks to acquire a stake in Rosneft. Three sources close to the talks said these were preliminary, and it was unclear whether CEFC would buy existing stock or newly issued shares in the state giant.

Related: How Long Can U.S. Refineries Remain Offline?

One of the sources said CEFC could buy into the retail business of Rosneft, which includes a network of almost 3,000 filling stations, more than 1,000 gasoline tankers, and 150 crude storage facilities.

Russia is already the top supplier of crude oil to China, and securing long-term supply channels for future output, a lot of it from new fields in East Siberia, makes sense for Rosneft. The partnership makes equal sense for CEFC as part of its aggressive international expansion, which could in time make it a direct rival of majors such as Glencore and Trafigura.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News