Rosneft and CNPC agreed to pay for the supply of raw materials in national currencies
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“One of the key areas of cooperation between Rosneft and CNPC [CNPC] are oil supplies, the volume of which, in accordance with existing contracts, reaches 40 million tons per year. At the same time, companies have now switched to paying for raw materials in national currencies.
The agreement between Russian and Chinese corporations, according to Rosneft, “makes a significant contribution to the implementation of the goal set by the leaders of the two countries to achieve a trade turnover of $200 billion.” “It is expected that the volume of mutual trade between Russia and China will exceed this level by the end of 2023,” the company noted.
“Rosneftand CNPC entered into a contract for the supply of oil in 2013. In early February 2022, he was extended until the end of 2033. The contract provides for the supply of 100 million tons of oil to oil refineries in northwest China through the territory of Kazakhstan for 10 years. The companies also explored prospects for cooperation in the field of low-carbon development, in particular, reducing greenhouse gas emissions and improving energy efficiency.
In May, at the plenary session of the Eurasian Economic Forum, Russian President Vladimir Putin emphasizedthat Moscow continues to work on the transition to settlements in national currencies and intends to “even more actively” make efforts for a “full transition to national currencies.” At the same time, the head of state said that the “collapse” scenario for the Russian economy would not come true.
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