REFILE-FACTBOX-Russia-China crude oil deals
SINGAPORE Feb 19 (Reuters) - Top oil producer Russia is aiming to eventually triple exports to China to some 1 million barrels per day (bpd), seeking to secure market share and billions of dollars in pre-payments.
Long-term supply deals signed last year with China National Petroleum Corp (CNPC) will bring Russia's state oil company Rosneft much needed cash to ease its heavy debt burden and finance development of untapped reserves in East Siberia to honour supply commitments to China.
Rosneft faces repayments in 2014 and 2015 of $15.9 billon and $16.2 billion, respectively, after it borrowed $31 billion for the takeover of rival TNK-BP - a deal that made it the world's biggest publicly listed oil firm.
Yet, as Russia ships more crude to China under long-term contracts, there may be less crude available for other buyers.
- Rosneft began shipping crude to China for the first time in 2010 via a spur off the Eastern Siberia-Pacific Ocean (ESPO) oil pipeline running from Skovorodino to Mohe on the Chinese border. Under a $25 billion loan-for-oil deal, Rosneft committed to supplying 300,000 barrels per day (bpd) of crude to China for the next 20 years.
- In June last year, Rosneft and CNPC agreed to double oil flows to China to 600,000 bpd by 2018 as part of a $270 billion, 25-year deal, with partial pre-payments. Продолжение...