Bloomberg News

Rosneft Rises to 3-Week High After China Oil Export Deal Report

February 28, 2012

OAO Rosneft (ROSN) climbed to the highest intraday level in three weeks after Kommersant reported Russia’s biggest oil company and OAO Transneft (TRNF), the state-owned pipeline operator, ended a dispute with China National Petroleum Corp (CNPZ). that has lasted for more than a year.

Rosneft added as much as 1.3 percent to 229.20 rubles, its strongest intraday level since Feb. 7, before paring its advance to 0.5 percent as of 10:39 a.m. in Moscow. Transneft was little changed at 52,549 rubles.

The Russian companies cut the price of oil exports by $1.50 a barrel in the amended supply deal with CNPC, which agreed to pay $134 million in overdue debt, according to the Russian newspaper, which cited unidentified people with knowledge of the negotiations.

Rosneft’s press office didn’t immediately answer when called by Bloomberg News. Transneft spokesman Igor Dyomin declined to comment.

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To contact the reporter on this story: Alex Nicholson in Moscow at anicholson6@bloomberg.net

To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net


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