Russia's state oil company, Rosneft, said to be extended to the Chinese border city at mohe a second after the completion of the east Siberia Pacific Ocean (ESPO) pipeline, according to the agreement, will be to China in 2018 30 million barrels of oil and gas co., LTD. Supplies ESPO mixed crude oil, a 50% growth this year. "Russian oil has abundant resources, can completely meet the supply demand of existing contract, including to China increase the supply of 10 million tons next year," the Russian oil by said in a statement emailed to Reuters on Thursday.
Petrochina has designated three refineries in northeast China as the main receiving points for rosneft, one of which is undergoing a $880m upgrade. Two refineries, according to sources in liaoning province, liaoyang petrochemical has Russian oil in conventional machining processing, the company upgraded after refining capacity expected to double by the end of 2018 to 2018 barrels a day. Oil said the head of a trade in China, northeast China's seven oil refinery has been received in Russia, once the upgrade completed, is located in liaoyang, dalian and jilin factory will be the main Russian oil refinery.
Since January, Chinese refineries have sharply increased imports of oil from Russia, through a trans-siberian pipeline that expands capacity. Russia's fierce competition with Saudi Arabia could cement its position as China's top oil supplier. Improve the pipeline supply is sealed in the contract signed in 2013, at present the execution of the plan is to catch up with oil producing countries to tighten the market supply, reflects both Russia and Saudi Arabia world oil exporter for China market dominance and close of the competition.