Bloomberg News

Rosneft, Transneft Give China Oil Price Break, Kommersant Says

February 27, 2012

OAO Rosneft (ROSN), Russia’s biggest oil company, and OAO Transneft (TRNF), the state-owned pipeline operator, amended a supply deal with China National Petroleum Corp (CNPZ)., cutting the price of Russian oil exports by $1.50 a barrel, Kommersant reported, citing unidentified people with knowledge of the negotiations.

CNPC agreed to pay $134 million in overdue debt as part of the oil-for-loans deal between China and Russia to put an end to a dispute that has lasted for more than a year, according to the Russian newspaper. The price cut means Rosneft will lose about $3 billion in revenue from crude exports through 2030, Kommersant reported.

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