Position: > 2016 > Home > News > Industry News >
Rosneft may borrow USD 30 billion from China in exchange for doubling oil supplies under a deal that would make Beijing the largest consumer of Russian oil.
Four industry sources familiar with the situation said that Rosneft was in talks with China's state firm CNPC about the loan. The state controlled oil firm is believed to be seeking the loan to help it complete its USD 55 billion acquisition of TNK-BP, a deal that will make it the world's largest publicly traded oil producer.
The deal is similar to the USD 25 billion transaction the two companies agreed upon a decade ago when Rosneft and Russian pipeline monopoly Transneft borrowed money to help Rosneft acquire the assets of nationalized oil producer Yukos while agreeing to build a pipeline to supply China with 300,000 barrels per day for 15 years.