• 4 minutes Oil Price Editorial: Beware Of Saudi Oil Tanker Sabotage Stories
  • 6 minutes UAE says four vessels subjected to 'sabotage' near Fujairah port
  • 13 minutes Mueller Report Brings Into Focus Obama's Attempted Coup Against Trump
  • 15 minutes Magic of Shale: EXPORTS!! Crude Exporters Navigate Gulf Coast Terminal Constraints
  • 6 hours Wonders of Shale- Gas,bringing investments and jobs to the US
  • 2 hours Why is Strait of Hormuz the World's Most Important Oil Artery
  • 37 mins Trump bogged down in Mideast quagmire. US spent $Trillions, lost Thousands of lives, and lost goodwill. FOR WHAT? US interests ? WHAT INTEREST ? . . . . China greatest threat next 50 years.
  • 4 hours Rural and Conservative: Polish Towns Go 'LGBT free' Ahead Of Bitter European Election Campaign
  • 5 hours IMO2020 To scrub or not to scrub
  • 1 hour California's Oil Industry Collapses Despite Shale Boom
  • 11 hours Compensation For A Trade War: Argentina’s Financial Crisis Creates An Opportunity For China
  • 1 hour Global Warming Making The Rich Richer
  • 6 hours Knock-Knock: Aircraft Carrier Seen As Barometer Of Tensions With Iran
  • 3 hours Misunderstanding between USA and Iran the cause of current stand off, I call BS
  • 11 hours China Downplays Chances For Trade Talks While U.S. Plays ‘Little Tricks’
  • 3 hours Iceland Reducing Gas Stations By Half By 2025
  • 11 hours Devastating Sanctions: Iran and Venezuela hurting
OPEC+ Top Priority: Don’t Crash Oil Prices

OPEC+ Top Priority: Don’t Crash Oil Prices

OPEC+ is reportedly considering increasing…

Meet America’s Newest $9 Trillion Climate Change Solution

Meet America’s Newest $9 Trillion Climate Change Solution

Democratic Presidential hopeful and Washington…

Russian Pipeline Monopoly in Legal Dispute with China

Following an impasse in negotiations between state-owned Russian pipeline monopoly Transneft and China Development Bank, Transneft is willing to repay early its $10 billion, 20-year loan from the China Development Bank if it has to file a suit in a London court against China over the price of oil it has already supplied.

Speaking on condition of anonymity, a Russian source intimately involved in the discussions said, "During the negotiations it was noted that the agreement on supplies of Russian oil to China is still being unilaterally violated by the Chinese. The oil supplied is not being paid for in full. It was said that if the dispute is sent to the London court, Transneft will be ready to repay its 20-year loan to China ahead of schedule," Russia’s RIA Novosti new agency reported.

In January Transneft began supplying oil to China for the first time via the first stage of the newly constructed Eastern Siberia - Pacific Ocean pipeline (ESPO), which is now transiting over one million tons per month, but now alleges that China National Petroleum Corp. (CNPC) has underpaid for supplies, citing differences over tariffs, only repaying some of its overdue fees in May. The first stage of the EPSO pipeline traverses a 1,713-mile arc above Siberia’s Lake Baikal.

By. Charles Kennedy, Deputy Editor OilPrice.com



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News