5 Aug 2016 09:38

Terms of CNPC contract with Rosneft will not change due to oil prices

BEIJING. Aug 5 (Interfax) - The terms of the contract that China National Petroleum Corporation (CNPC) and Russian state oil major Rosneft signed in 2013 will not change, despite the volatility of world oil prices, CNPC international department director Li Yueqiang told reporters on Thursday.

The terms and prices written into the contract will not change, despite the fact that world oil prices are unstable, he said, adding that these terms are fairly complex and calculated and include a whole set of issues, including a price formula.

The current contract conditions are being strictly observed, he said.