UPDATE: Kremlin says Gazprom, Rosneft, CNPC agree to boost sales

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MOSCOW, Feb 4 (PRIME) – Russian gas giant Gazprom, oil major Rosneft and China’s CNPC agreed on Friday, during President Vladimir Putin’s visit to Beijing, to boost oil and gas sales, the Kremlin said.

Gazprom and China's CNPC signed a long-term agreement to increase gas sales to 10 billion cubic meters (bcm) to 48 bcm per year, when the project reaches full capacity, Gazprom said. The volume includes the gas pumped via Sila Sibiri pipeline.

"A natural gas sales agreement between Gazprom and China National Petroleum Corporation via the Far Eastern route," as indicated in Kremlin’s list of agreements signed during the visit.

The list also said that Rosneft and China’s CNPC have amended their 2013 agreement to sell 100 million tonnes worth U.S. $80 billion of oil in the next 10 years to the Chinese refineries. Rosneft said in a statement that the price of each batch will be calculated applying a formula that uses the market prices.

Rosneft said that oil will be pumped through Kazakhstan to refine it in the north-west of the country to satisfy internal demand for oil products.

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