Transneft ready to pump process oil to China through ESPO
MOSCOW. Oct 25 (Interfax) - Russia's Transneft company will be ready to pump process oil through the Chinese branch of the East Siberia-Pacific Ocean pipeline, the company's press spokesman Igor Demin announced Monday.
"The Chinese side has informed the company of its readiness to receive process oil from Russia starting from November 1. Transneft is ready to supply oil. The last tests are being carried out," Demin said.
Earlier, Rosneft sold 650,000 tons of process oil at a market price to fill the ESPO Chinese branch: the length of the Russian section of the pipeline is 63.58 km and the Chinese section from the Russian border to Daqing is 960 km long.
The pipeline's annual pumping capacity is 15 million tons.
The main supplies are due to begin on January 1, 2011.
The price of crude will be calculated on a monthly basis from the price of oil at the Russian port of Kozmino.