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    Russia, China to maintain ESPO pipeline oil price formula

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    Russia and China have agreed to leave unchanged the price formula for oil supplies via the East Siberia-Pacific Ocean oil pipeline, which exports Russian crude oil to the Asia-Pacific markets, a source at the Energy Ministry said on Thursday.

    Russia and China have agreed to leave unchanged the price formula for oil supplies via the East Siberia-Pacific Ocean oil pipeline, which exports Russian crude oil to the Asia-Pacific markets, a source at the Energy Ministry said on Thursday.

    "The price formula will be kept unchanged, we have agreed on that and China is ready to make payments according to it," the source said.

    In January, Russia's Transneft oil pipeline monopoly and Rosneft oil giant started crude supplies to China via the East Siberia- Pacific Ocean pipeline under a $22 billion deal, but later claimed that China National Petroleum Corporation had underpaid for the crude supplies and unilaterally cut payments by 7 percent.

    Last week the Russian companies said Beijing had repaid some of its debt to them.

    Russia's top gas export monopoly Gazprom also wants to wrap up pricing talks on future gas supplies to China in June, when Chinese President Hu Jintao is scheduled to visit an economic forum in St Petersburg.

     

    MOSCOW, June 9 (RIA Novosti)

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