Following the supply of a further 100,000 tonnes of East Siberian Pacific Ocean (ESPO) crude to the Chinese market in July, total volumes of ESPO crude exports by Gazprom Neft since the commencement of supplies have now reached 10 million tonnes.
Payment for all ESPO crude supplies despatched by Gazprom Neft to China throughout 2015 have been made in Chinese currency: negotiations with purchasers on potential payment in rubles are ongoing.
In 2010 Gazprom Neft became the first exporter to commence transportation of ESPO oil from the Far Eastern port of Kozmino under its own freight services, with delivery to ports in the Asia—Pacific region. The company supplies clients with oil transported by pipeline and delivered by Aframax tankers.
Anatoly Cherner, Gazprom Neft CEO for Logistics, Processing and Sales, commented: “The main buyers of ESPO crude are China and Japan, although we also make deliveries to other countries in the Asia—Pacific region. In expanding exports eastwards Gazprom Neft is diversifying delivery destinations as well as developing a system for payment in national currencies, promoting the company’s sustainable growth and development.”