PRESS: CEFC to retain oil deal with Rosneft after restructuring

MOSCOW, Jun 13 (PRIME) -- Russia’s Rosneft will not lose a contract to sell oil to China’s CEFC because the Chinese company will be restructured due to bankruptcy, business daily Vedomosti reported on Wednesday citing sources close to the deal.

The sources said that CEFC will be split into three parts, and the trading business, which is to inherit the Rosneft contract, will go to a new owner. One of the sources said that the trader could be acquired by state-owned CITIC Group, another source said that it could be sold to private holding Hengli Group.

The deal could take place in one-two months, a source said.

In September 2017, Rosneft and CEFC signed a five-year contract envisaging supplies of 10 million tonnes of oil in 2018.

End