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Vice Prime Minister of the Russian Federation Igor Sechin declared the settlement of the “oil issue” between Russia and China

Published on Oct. 29, 2011

 
Vice Prime Minister of the Russian Federation Igor Sechin declared the settlement of the “oil issue” between Russia and China

“We have managed to settle everything. An agreement has been reached. It allows to completely eliminate all bilateral claims – on the one hand, claims about different coefficients, on the other hand – about the payments”, – Igor Sechin commented, while answering to the journalists, whether the parties had succeeded in solving the problems, related to oil deliveries to China.

“A market solution, which reflects the current market parameters, has been found. It hasn’t provoked a conflict, it is a civilized solution”, – noted the Vice Prime Minister of the Russian Federation.

According to his words, “the item is no longer in the agenda”. Giving the answer to the question, when the debt for the deliveries of the Russian oil would be redeemed, I. Sechin declared: “The debt will be redeemed in accordance with the documents, which within the next few days will be signed by the companies-participants of this cooperation”.

He added that “a general agreement has been reached, and it will be formalized in the correspondent way at the corporate level”. I. Sechin explained that the parties were planning to sign either an additional agreement or a supplement to the contract.

He didn’t dwell on the details of the reached agreements.

Oil deliveries to China via the leadaway pipe of the system Eastern Siberia – Pacific Ocean (ESPO) began on January, 1 2011 and will be realized during 20 years at 15 million tons per year. The share of “Rosneft” in the oil deliveries is 9 million tons, the share of “Transneft” is 6 million tons. The value of the delivered oil is determined daily according to the market.

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