China gets oil discount from Rosneft

Mar 04, 2012 12:00 AM

Rosneft has reconsidered reduction of oil prices for China, the companys head Eduard Khudaynatov said. Prices dropped by $ 1.5 per barrel. The new price formula has been used since October 2011.
The
official clarified that price regulation allowed China to pay for oil. Some say that the new price would mean a loss of about $ 3 bn for Russia (at a supply rate of 15 mm tons of oil annually).

China
announced its discontent with the prices a year ago. The Chinese National Petroleum Company (CNPC) stopped paying full price for Russian oil, insisting that the real price was exceeded by 2-3 %.
Rosneft
and Transneft considered the case at the London Arbitration. Russian Vice Speaker Igor Sechin announced settlement of the problem in a diplomatic manner after returning from China in autumn 2011.

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