LUKoil will supply 3 million tons of oil a Chinese company Sinopec
By admin at 20 June, 2009, 3:08 pm
June 16 in Moscow the general director of LITASCO (international trader of OAO LUKOIL), Gati Al-Dzheburi and President Unipec Asia Company Ltd. (Trader Chinese company Sinopec) Dai Zhaoming signed framework agreement on oil supplies.
It also Initialed first executive vice-president of OJSC LUKOIL Ravil Maganovym and Chairman of the Board of Directors of Sinopec, Sinopec Group President Su Shulin.
The Treaty provides for the sale of 3 million tons of Russian export oil mixtures and /or a mixture of YK - crude oil produced at the southern Hylchuyu in the Nenets Autonomous District. In doing so, the actual volume will depend on open and arbitration costs.
Deliveries will be carried by tanker vessels from 80 000 to 140 000 tons. The contract is valid from 1 July 2009 to 30 June 2010 or until such time as is not made full payment under the contract.
In the past few years, LITASCO sold Unipec on spot contracts of 1 million tons of oil and 250 tons of fuel oil.
In 2008, total sales of LITASCO in China amounted to 470 thousand tons of oil and 662 tons of straight oil, and from January to June 2009 the supply of oil increased to 700 thousand tons.
China is one of the largest importers of oil and fuel oil, so the Chinese market is of great interest to Lukoil. Global comparative analysis carried out by our traders showed that the crude oil and petroleum products in the region is at a price to maximize profits for our company. We are also ready to discuss with our Chinese partners, and possible cooperation in the field of upstream projects, - said the first executive vice-president of LUKOIL, Ravil Maganov.
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