Get the latest updates as we post them — right on your browser

. Last Updated: 07/27/2016

Rosneft May Change Chinese Contract

Rosneft said Tuesday that it might request changes to the pricing formula in its supply contract with China National Petroleum Corporation because of rising global crude prices.

"We can only change it with the mutual agreement of both sides," Rosneft president Sergei Bogdanchikov said at an oil conference in Madrid. "The contract will be fulfilled in 2010."

The two companies have already agreed at least once to change the pricing formula, altering the contract in the second half of last year.

In 2005, Rosneft committed to shipping 48.4 million tons of crude to CNPC through 2010 to help repay $6 billion of loans that part-financed the purchase of Yukos Oil Co.'s largest production unit.

Separately, Bogdanchikov said a unit of Royal Dutch Shell, Europe's largest oil company, would this year complete a feasibility study of a planned refinery in the northern Chinese city of Tianjin. The plant would be built by CNPC and Rosneft.