Russia and China have agreed to leave their pricing formula unchanged, keeping the goalposts where they are for oil supplies to Asia via the East Siberia-Pacific Ocean oil pipeline.
The pipeline exports Russian crude oil to the Asia-Pacific markets.
“The price formula will be kept unchanged, we have agreed on that, and China is ready to make payments according to it,” a source at the Energy Ministry told RIA Novosti Thursday.
In January, Russia’s Transneft oil pipeline monopoly and Rosneft oil giant started crude supplies to China via the East Siberia-Pacific Ocean pipeline under a $22 billion deal, but later claimed that China National Petroleum Corporation had underpaid for the crude supplies and unilaterally cut payments by 7 per cent.
Last week the Russian companies said Beijing had repaid some of its debt to them.
