Igor Ivanovich Sechin, President, Chairman of the Management Board of Rosneft Oil Company, OJSC, and Nikolay Petrovich Tokarev, President of Transneft, JSC, have signed a number of agreements aimed at implementation of strategic programs on mutually beneficial conditions and on the co-financing basis in order to increase quantities of oil transported to the People’s Republic of China and to the Rosneft’s Tuapse Refinery in the Krasnodar Region.
The set of cooperation agreements aimed to increase oil supplies to China specifies the parties’ obligations in terms of financing and implementation of programs designed to increase the throughput capacity of the Skovorodino – Mohe oil pipeline and to increase quantities of crude oil transported by the pipeline. The throughput capacity of the Skovorodino – Mohe oil pipeline will be 20 mln tons a year starting from January 1, 2015 and 30 mln a year – starting from January 1, 2018. Thus, from 2018 to 2037, the additionally transported quantities of oil to China will total 15 mln tons a year.
The contractual arrangements are aimed at implementation of the Agreement entered into on March 22, 2013 by and between the Government of the Russian Federation and the Government of the People’s Republic of China regarding expansion of cooperation in crude oil sales.
The agreement on oil transportation to Tuapse NPZ specifies the conditions of annual transportation of up to 12.0 mln tons of oil to the refinery after completion of the works resulting in increased capacity of the Tikhoretsk – Tuapse NPZ trunk pipeline section.