November 16, 2017 / 11:12 AM / in a year

Rosneft board approves oil deal with China's CEFC - source

BEIJING, Nov 16 (Reuters) - Russian state oil giant Rosneft’s board of directors has approved the 2018 annual deal to supply CEFC China Energy about 12 million tonnes of crude oil, a Chinese source with direct knowledge of the matter said on Thursday.

Of the total supply, CEFC expects to receive 8 to 10 million tonnes of ESPO crude from Russia’s Far East, the source said.

The private Chinese conglomerate will start receiving oil from January, with volumes estimated at around 2 million tonnes for the first quarter.

A CEFC spokesman couldn’t immediately comment. (Reporting by Chen Aizhu; Editing by Josephine Mason and Mark Potter)

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