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China Huaxin shares Russian oil company and sign oil purchase agreement
China Huaxin shares Russian oil company and sign oil purchase agreement
China News Agency, Beijing, October 18, (Xia Bin) 18 reporters from China Huaxin Energy Company Limited (hereinafter referred to as "Chinese DHC") was informed that the company recently to $9 billion 100 million stake in the Russian state oil company (hereinafter referred to as "the Russian oil company), and signed from the Russian oil company annual purchase over ten million tons of Russian crude oil agreement.

China DHC announced in September, with Glencore consortium and the Qatar Investment Authority union reached an agreement. Chinese Watson held by the consortium acquisition of Russian oil company 14.16% of the shares and the contract amount is expected to be approximately $9 billion 100 million.

The acquisition will make China Huaxin become the third largest shareholder of Russian oil company.

According to the agreement, the Russian oil company agreed to sell 1100 to 13 million tons of Russian crude oil to China Huaxin in one year since 2018. That's equivalent to 22 to 260 thousand barrels of oil per day, about 5% of Russia's oil production.

The spokesman also said that the cooperation between the two companies will expand to the entire oil and gas supply chain. At present, the emphasis is placed on the upstream of oil and gas resources, including exploration and production. The next step is to introduce these resources into China, and cooperate with Russian oil companies to carry out petrochemical production, and further expand the supply chain."

China Huaxin was founded in 2002 and Its headquartered is in Shanghai. Over the past year, China Huaxin has invested in oil exploitation in Chad and Abuza.

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