The China National Petroleum Corporation (CNPC) had recently signed an agreement in principle with Transneft. On the basis of the phase one project of the East Siberia-Pacific Ocean (ESPO) oil pipeline, the two sides will jointly construct and operate the pipeline from Skovorodino in Russia's Far East to Daqing via Mohe, a border city in China.
According to the agreement, the Sino-Russian oil pipeline will run nearly 70 kilometers through Russia and about 960 kilometers in China. Upon completion of the project, Russian oil companies will sign new long-term oil purchase and sale contracts with China to fulfill the cooperation goal of long-term crude oil trade between Russia and China.
According to the CNPC, Chinese and Russian enterprises will sign official contracts within this year on detailed schedules for pipeline construction, long-term oil trade cooperation and implementation steps for integration of upstream and downstream businesses.
The ESPO oil pipeline refers to the pipeline from East Siberia to the Pacific Ocean. It runs from Taishet to Kozmino Bay on Russia's Pacific coast along a route a little over 4,000 kilometers in length. The first completed stage of the pipeline runs 2,694 kilometers from Taishet to Skovorodino, in the Amur Region, with a capacity of 30 million tons of oil annually.
By People's Daily Online
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