Share of Rosneft's oil exports to east to reach 40% by 2019
ST. PETERSBURG. June 17 (Interfax) - The share of oil that Rosneft exports in the eastern direction will reach 40% by 2019, Rosneft President Igor Sechin said at the annual general meeting of shareholders in St. Petersburg on Wednesday.
"Rosneft plans to maintain in future a steady EBITDA level in trading and logistics by raising the efficiency of operations. We continue working intensively on the geographic diversification of oil export channels, expanding our presence in the developing, high-margin markets of the Asia-Pacific region," he said.
Under an intergovernmental agreement of 2013, Rosneft is to deliver an additional 5 million tonnes of oil on the Eastern Siberia-Pacific Ocean (ESPO) pipeline spur to China (Skovorodino-Mohe-Daqing) in 2015-2017. However, the Chinese segment of that pipeline is not ready to handle those volumes. Rosneft and China have signed a technical agreement allowing temporary changes to the delivery point. This gives Rosneft the ability to supply oil under the contract through the port of Kozmino, the terminus of the ESPO pipeline, as well as through the Skvorodino spur. The alternate route will remain in effect until the Chinese side completes upgrades to its pipeline segment.
