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Rosneft: China wants more oil

Feb. 19, 2013 at 7:53 AM
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MOSCOW, Feb. 19 (UPI) -- The president of Russian state-owned oil company Rosneft returned from a visit to China with assurances Beijing wanted more oil, a spokesman said.

Rosneft and Russian oil pipeline company Transeft deliver around 15 million tons of crude oil to China each year through the East Siberia-Pacific Ocean pipeline.

Rosneft spokesman Vladimir Tyulin said Rosneft President Igor Sechin returned from a three-day trip to Beijing with word China was eager to secure more oil deliveries, reports state-run news agency RIA Novosti.

Chinese Vice Premier Wang Qishan met with Russian Deputy Prime Minister Arkady Dvorkovich in December to discuss strengthening ties in the energy sector.

The Organization of Petroleum Exporting Countries, in its February reports, said it expected China would need more oil in 2013 as its economy recovers from a 2012 slowdown. OPEC expects Chinese gross domestic product to grow more than 8 percent for 2013.

"However, there are indications the economic momentum has peaked and that inflation is likely to re-emerge as concerns for authorities (in Beijing)," the cartel's report read.

Rosneft provided no indication of export expectations or delivery routes.

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