Head of Russian Oil Major Says Agreed Oil Price for China Could Be Reviewed

The president of the Russian oil company Rosneft, Sergey Bogdanchikov, has not ruled out the possibility of reviewing the oil price for China, which has been agreed in a contract concluded with the China National Petroleum Corporation for the period until 2010, ITAR-TASS news agency reported on 1 July.

“One cannot rule out a review of prices, but this is possible on the basis of a mutual agreement, we are discussing this subject,” ITAR-TASS quoted Bogdanchikov as saying in Madrid.

Bogdanchikov also said that within the next couple of months Rosneft would receive the feasibility study for a project of construction of an oil refinery in China, ITAR-TASS news agency said in a later report.

“Within a couple of months, the feasibility study will be presented to us,” ITAR-TASS quoted Bogdanchikov as telling journalists at the World Petroleum Congress in Madrid.

According to the report, Bogdanchikov said that Rosneft was now studying the possibility of taking part in the construction of an oil refinery in China. Bogdanchikov added that Rosneft would take part in the project if its profitability was more than 20 per cent.

Originally published by ITAR-TASS news agency, Moscow, in Russian 1045, 1052 1 Jul 08.

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