Rosneft and CNPC agree on oil supply and low-carbon development
BEIJING, Feb. 5, 2022 /PRNewswire/ — During the visit of the Russian delegation headed by President of the Russian Federation Vladimir Putin to Beijing today, PJSC Rosneft Oil Company and China National Petroleum Corporation (CNPC) agreed on oil supplies to China and cooperation in low-carbon development.
Rosneft and CNPC signed an agreement to supply 100 million tonnes of oil to China via Kazakhstan over a 10-year period. The crude will be processed at refineries in northwest China to meet the country’s needs for petroleum products.
Rosneft is the leading oil exporter to China, supplying 7% of the country’s total crude needs every year. Since 2005 the company’s total shipments to China have amounted to 442 million tonnes of oil. Rosneft is also one of the leaders in supplying petroleum products to China, having exported around 41 million tonnes of petroleum products since 2009.
In addition, the companies will cooperate in several areas of low-carbon development, particularly in the reduction of greenhouse gas emissions, including methane, energy efficiency technologies, and CO2 capture and storage (CCS). The parties will also consider other potential cooperation areas in low-carbon development. Low-carbon technologies developed by the companies, including smart and digital solutions, could be applied in the future in large-scale joint oil and gas projects in Russia or China.
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