New Pipeline Doubles Russian Oil Supply to China

New Pipeline Doubles Russian Oil Supply to China

An extension of the East Siberia-Pacific Ocean oil pipeline between Russia and China started operating on Jan. 1, doubling the export volumes from 15 to 30 million tons annually, or almost 220 million barrels.
According to China’s state news agency Xinhua, the extension, agreed in 2013, would serve China’s Belt and Road initiative for expanding China’s regional influence in Asia, Oil Price reported.
At the same time, it will increase Russia’s market share in the world’s top consumer as China last year gobbled up more crude than the United States for the first time, posting record import figures as well, despite a much-publicized drive away from fossil fuels.
The pipeline, which initially ran from the East Siberian town of Skovorodino to Mohe, a town on the Russian-Chinese border, was extended into China, to the city of Daqing in northeastern China.
Rosneft is the crude supplier via the ESPO pipeline and PetroChina is the buyer. The oil will be processed at three refineries in northeast China.

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