International Energy Network News: Russia’s “Kommersant†reported on August 5 that CNPC did not pay oil in full to Transneft, which intends to sue the former in international arbitration courts. Said that it will repay the loan of 10 billion U.S. dollars provided by China in advance.
The reporter confirmed with the Russian oil pipeline transportation company that the other party did not reply to this matter. It is understood that this will be the second time that Russian oil pipeline transportation company has filed a lawsuit against China.
In 2009, Russian oil companies and oil pipeline transportation companies signed a 20-year (2011 to 2030) oil supply agreement with China National Petroleum Corporation. China and the two Russian companies respectively loaned 15 billion U.S. dollars and 10 billion U.S. dollars to get 300 million tons of Russian oil. However, at the beginning of this year, the two sides disputed the price of oil supply.
In April, Transneft spokesman Igor Dyomin told Reuters, “We will prosecute PetroChina in the London Court of International Arbitration for insufficient payments.†However, this controversy has eased in the energy negotiations between China and Russia in May.
According to the Russian media report, on May 31, China transferred $78 million to Russia's Transneft pipeline company and transferred $117 million to Russian state oil company (Rosneft), thus repaying the previous oil supply arrears.
However, due to the Russians' refusal to discuss with the Chinese side on the calculation of freight rates and prices, the Sino-Russian crude oil dispute remains unresolved. In July, Russia once again accused China of restarting the arrears of oil, totaling 75 million U.S. dollars.
Nikolai Tokalev, president of Russia’s oil pipeline transportation company, said on July 1 that the company still does not rule out that China will be sued to the International Tribunal on the issue of oil.
According to an anonymous analyst from the Russian Energy Network, the correction factor (controversial range) for oil freight is 3 US dollars per barrel. China opposes the adoption of this coefficient. The two sides are still negotiating.
The analyst believes that both crude oil pricing disputes will not affect Russia’s oil supply to China.
In response, Zhou Xiujie, a research fellow in the energy industry of China Investment Advisors, agreed that he said that “complete termination of the contract with PetroChina is too costly for Russia. The Russian company’s proposal to prosecute China is only a threat to China and hopes that China will Concessions are made on the issue, and they do not really want to make it to the court.â€
Zhou Xiujie believes that the Russian oil pipeline company's ability to repay the Chinese loan is weak, the Russian economy needs a lot of funds to recover, and the current international oil prices all the way down, the Russian energy companies operating in poor condition, coupled with Transneft's debt is high, therefore, Transneft may not have the ability Repay China's loans in advance.
The Russian mainstream media also generally believe that it is unlikely that Russia will resort to this issue to the International Court of Arbitration. The reason for doing so is to exert pressure on China to allow China to make greater concessions.
Russian News Agency quoted a source as saying that so far, China National Petroleum has owed $34 million in oil pipeline transportation companies and arrears 51 million U.S. oil companies.
Russian energy analysts believe that the amount of money owed to China by the Chinese side is negligible compared with the 25 billion loans it received for the 20-year oil supply contract signed by both parties. Even if the dispute escalates, the two governments will come to quell this dispute.
"According to the current data, China has not been preceded by lawsuits in the international oil cooperation. If the Russian side really tears the skin, China can only regret the battle." Zhou Xiujie said so.
On the issue of how to deal with lawsuits, Zhou believes that China needs to hire professional lawyers and experts who are familiar with various energy cooperation terms and relevant laws and regulations and have international litigation experience to conduct further research.
In international energy cooperation, he suggested that a detailed investigation of the political, economic, cultural, and geographical environment of the country to which the enterprise belongs, including the business operations of the enterprise, relevant laws and regulations, and government policies, be conducted before signing the contract.
The reporter confirmed with the Russian oil pipeline transportation company that the other party did not reply to this matter. It is understood that this will be the second time that Russian oil pipeline transportation company has filed a lawsuit against China.
In 2009, Russian oil companies and oil pipeline transportation companies signed a 20-year (2011 to 2030) oil supply agreement with China National Petroleum Corporation. China and the two Russian companies respectively loaned 15 billion U.S. dollars and 10 billion U.S. dollars to get 300 million tons of Russian oil. However, at the beginning of this year, the two sides disputed the price of oil supply.
In April, Transneft spokesman Igor Dyomin told Reuters, “We will prosecute PetroChina in the London Court of International Arbitration for insufficient payments.†However, this controversy has eased in the energy negotiations between China and Russia in May.
According to the Russian media report, on May 31, China transferred $78 million to Russia's Transneft pipeline company and transferred $117 million to Russian state oil company (Rosneft), thus repaying the previous oil supply arrears.
However, due to the Russians' refusal to discuss with the Chinese side on the calculation of freight rates and prices, the Sino-Russian crude oil dispute remains unresolved. In July, Russia once again accused China of restarting the arrears of oil, totaling 75 million U.S. dollars.
Nikolai Tokalev, president of Russia’s oil pipeline transportation company, said on July 1 that the company still does not rule out that China will be sued to the International Tribunal on the issue of oil.
According to an anonymous analyst from the Russian Energy Network, the correction factor (controversial range) for oil freight is 3 US dollars per barrel. China opposes the adoption of this coefficient. The two sides are still negotiating.
The analyst believes that both crude oil pricing disputes will not affect Russia’s oil supply to China.
In response, Zhou Xiujie, a research fellow in the energy industry of China Investment Advisors, agreed that he said that “complete termination of the contract with PetroChina is too costly for Russia. The Russian company’s proposal to prosecute China is only a threat to China and hopes that China will Concessions are made on the issue, and they do not really want to make it to the court.â€
Zhou Xiujie believes that the Russian oil pipeline company's ability to repay the Chinese loan is weak, the Russian economy needs a lot of funds to recover, and the current international oil prices all the way down, the Russian energy companies operating in poor condition, coupled with Transneft's debt is high, therefore, Transneft may not have the ability Repay China's loans in advance.
The Russian mainstream media also generally believe that it is unlikely that Russia will resort to this issue to the International Court of Arbitration. The reason for doing so is to exert pressure on China to allow China to make greater concessions.
Russian News Agency quoted a source as saying that so far, China National Petroleum has owed $34 million in oil pipeline transportation companies and arrears 51 million U.S. oil companies.
Russian energy analysts believe that the amount of money owed to China by the Chinese side is negligible compared with the 25 billion loans it received for the 20-year oil supply contract signed by both parties. Even if the dispute escalates, the two governments will come to quell this dispute.
"According to the current data, China has not been preceded by lawsuits in the international oil cooperation. If the Russian side really tears the skin, China can only regret the battle." Zhou Xiujie said so.
On the issue of how to deal with lawsuits, Zhou believes that China needs to hire professional lawyers and experts who are familiar with various energy cooperation terms and relevant laws and regulations and have international litigation experience to conduct further research.
In international energy cooperation, he suggested that a detailed investigation of the political, economic, cultural, and geographical environment of the country to which the enterprise belongs, including the business operations of the enterprise, relevant laws and regulations, and government policies, be conducted before signing the contract.
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