Russia reorient oil exports from Europe to Asia, writes The Wall Street Journal. Deliveries to Asian destinations reached a record 1.2 million barrels per day, while exports to Europe fell by 20%. According to experts, the main role was played by last year’s big contracts “Rosneft” with China: shipments to China have grown, and oil production in Russia practically does not grow, so the volume of oil gradually pulled away to Asia.
Export Russian oil to Europe is reduced, but the supply in the Asia-Pacific region have risen to record levels. On Friday writes The Wall Street Journal. According to the newspaper, subsistence supplies to Europe through pipelines fell from a peak of 3.72 million barrels (about 510 thousand. Tons) per day in May 2012 to less than 3 million barrels (about 410 thousand. Tons) in July 2014. Thus, shipments decreased by approximately 20%.
At the same time, Russia 2014 guides to Asia for almost 30% of its oil exports – about 1.2 million barrels (about 164 thousand. tons) per day. This record, in 2012, Russia exported by the Asian direction, only 20% of the oil. Most of the Asian supply, according to WSJ, is in China. Russian oil costs more expensive than the Chinese Middle Eastern oil Dubai, but buy it anyway advantageous as Russia (in this case, Eastern Siberia, where are supplied. – “Times”) are relatively close, and in addition, the Russian oil allows to diversify supplies and avoid the risks associated with the conflicts in the Middle East.
Expert Raiffeisenbank Andrey Polishchuk explains that the increase in exports to Asia is primarily due to last year’s contracts “Rosneft”. In 2013, the state-owned company has signed several major contracts to supply oil to China. The largest deal was the extension of the contract of 2009, according to which “Rosneft” delivers Chinese CNPC 15 million tons of oil per year. In June last year, the Russian company has agreed to additional supplies – another 15 million tonnes over 25 years.
The deal amounted to $ 270 billion, with $ 70 billion “Rosneft” should get as an advance payment ($ 20 billion of this amount the company has already received).
In October 2013, “Rosneft” has also signed a memorandum with the Chinese Sinopec. The parties have agreed on the annual supply of 10 million tons of Russian oil to China for ten years starting in 2014. The total contract amount to be about $ 85 billion, but the deal has not been completed, the parties specify the conditions (for example, pre-payments). As previously said the head of “Rosneft” Igor Sechin, it should reach 25-30%.
played a role, “Lukoil”, the largest private oil company in Russia. “LUKOIL” has begun shipping in the Pacific Rim just in 2013 (on an oil pipeline Eastern Siberia – Pacific Ocean and further from Kozmino Bay tankers. – “Times»).
As for the reduction of gas supplies to Europe, it is According to experts, it is associated with increased exports to China and the Asia-Pacific region in general.
«Oil production in Russia is growing extremely small rates, while increasing exports to China logical that Europe began to receive less than the Russian oil – says UBS analyst Konstantin Cherepanov. – It’s like communicating vessels ».
According to CDU TEK, Russia’s oil production for the first half of 2014 increased compared to the same period in 2013 only 0.9% and amounted to 260,922,000 tons. In June of this year, oil production increased by only 0.1% and amounted to 43.16 million tons.
Andrey Polishchuk of Raiffeisenbank adds that the decline in shipments to Europe also partly due to the modernization of its refining capacity in Russia. The upgraded refinery began to process more oil production and almost not growing.
In the “LUKOIL” has been a general decline in oil exports in recent years, not only in the European direction. How to tell “the Newspaper” in the company, if in 2009 the “LUKOIL” has exported about 42 million tons of oil, but in the following years, the volume of foreign supplies steadily declined and in 2013 the company has exported only 31.8 million tons. Thus, exports fell by more than 24%.
The representative of “Lukoil” also explained the decline in export growth in refining in Russia.
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