At the plenary meeting on 3 July, the State Duma of the Russian Federation adopted the Federal Law № 220896-5 On ratification of Agreement between the Government of the Russian Federation and the Government of People's Republic of China on Cooperation in the oil sphere, said Department of Energy.
The subject agreement is a cooperation between the two countries in the design, construction and operation of the pipeline Skovorodino - Mohe capacity of 15 mln tons of oil annually, which is a branch pipeline system Eastern Siberia - Pacific Ocean (ESPO), and consisting of Land plots in the territories of Russia and China, and the underwater crossing the river Amur.
Before the start of the meeting Energy Minister Sergei Shmatko was made in the State Duma a report on ratification of the agreement, explaining the main provisions of the deputies of the document.
The aim of the project - the diversification of export flows of Russian oil fields of Western and Eastern Siberia - Shmatko said, referring to the MPs. Minister of Energy said that the need to enter into this intergovernmental agreement is due to a unique scheme of financing the project, which is possible only when public support for both Russian and Chinese sides.
The project, in particular, provides a long-term borrowings of $ 25 billion, including JSC NK Rosneft $ 15 billion, and OAO AK Transneft $ 10 billion for a period of 20 years. In doing so, credit the interest rate more than two times lower than existing in world markets, which is especially important in the global crisis.
These special lending conditions benefit Russia as they would allow to complete the construction of ESPO oil pipeline - 2 in the year 2015 and reduce the negative impact of volatility in the oil market, - said the minister.
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