China & Russia completed pipeline yesterday

According to the report, Russia may double its crude oil exports to China through the pipeline and may become the third largest oil supplier to China.

The pipeline begins from the Skovorodino sub-transmission station in Russia. It will pass through Heilongjiang province and Inner Mongolia province and terminate at Daqing oilfield, totaling 1,000 kilometers in length.

Russia will supply 15 million tons of crude oil to China per year through the pipeline for 20 years.

China’s crude oil imports from Russia increased 5.23 percent year-on-year in the first eight months to 10.75 million tons, accounting for seven percent of China’s total oil imports.