China to become co-owner of Russia’s biggest oil company

Latest news

    Chinese state-controlled Huarong Asset Management has bought a 36.2 percent stake in the unit of CEFC China Energy through which CEFC is acquiring a $9.1 billion stake in Russian oil giant Rosneft.

    Read more

    Russia targets strategic Chinese energy market

    According to CEFC filings seen by Reuters, Huarong has bought the stake in CEFC in two tranches, one in December and one in February. Huarong is controlled by China’s Ministry of Finance.

    In September, CEFC Energy announced plans to acquire 14.16 percent of Rosneft shares from Glencore and the Qatar Investment Authority (QIA).

    “The final structure of Rosneft’s shareholders has been formed,” Rosneft CEO Igor Sechin told Rossiya 24 television.

    As part of a long-term agreement, Rosneft and CEFC Energy inked a deal on crude oil deliveries in 2017. According to the agreement, the Russian oil major will supply CEFC with 60.8 million tons of oil annually until 2023.

    The agreement covers the development of exploration and production projects in Siberia. The two companies plan to cooperate in refining, petrochemicals and crude trading.

    According to the Russian producer, the deal will increase direct supplies of crude oil to the “strategic Chinese market and ensure a guaranteed cost-efficient export channel for the company’s crude sales.”

    View the original article: https://www.rt.com/business/421021-china-cefc-rosneft-purchase/?utm_source=rss&utm_medium=rss&utm_campaign=RSS

    For more stories on economy & finance visit RT’s business section

    In the same category are

    ‘There’s going to be a massive party tonight’ – Schmeichel on Russia World Cup win (VIDEO) Denmark goalkeeping great Peter Schmeichel has predicted a “massive party” in Moscow after World Cup hosts Russia beat Egypt to all but book their pla...
    US leaves ‘hypocritical and self-serving’ UN Human Rights Council Washington has decided to walk out of the UN Human Rights Council, accusing the body of hypocrisy. The US has long cited concerns about the body’s “an...
    ‘I blame Sergio Ramos’: Reaction as Egypt fall victim to Russian storm Russia continued the perfect start to their own World Cup, overcoming Mo Salah’s Egypt in the torrential rain in St. Petersburg to all but guarantee t...
    Jubilant Russians fill streets after World Cup win over Egypt (VIDEO) WORLD CUP 2018 LIVE #FansEyeView #FootWall 20 Jun, 2018 12:23 Jubilant Russians fill streets after World Cup win over Egypt (VIDEO) 19 Jun, 2018 21...
    Nazi flying saucer model removed from Amazon in Germany after public outcry A scale model of a fictional Nazi flying saucer has been removed from sale after the controversial product faced harsh criticism from German historian...
    ‘Nazis didn’t let Jews leave,’ AG Sessions says replying to border ‘concentration camps’ comparison US Attorney General Jeff Sessions made a viral gaffe as he disagreed with comparison of the Trump administration’s immigration policies to that of Naz...

    Leave a comment

    Your email address will not be published. Required fields are marked *

    This site uses Akismet to reduce spam. Learn how your comment data is processed.