The oil supply swap scheme agreed upon by major oil companies will enable the companies to save up to $50m per year
TNK-BP, Rosneft, and Transneft signed the contract provides for annual supplies of 13m tonnes of oil up until 2015.
TNK-BP's Vice President Jonathan Kollek added that the agreement allowed Rosneft to meet its obligations to China without the construction of a pipeline.
The supply scheme will become operational from 2010, once the Eastern Siberia-Pacific Ocean (ESPO) pipeline's construction has been finished. However, supplies under the agreement already began in September. The contract expires in 2015 and is to be extended afterwards.
Author:
Ksenia Kochneva
