Russia to ship oil to China via Kazakhstan

Russia’s Rosneft (ROSN.LON, ROSN.MCX) said on Monday that it agreed on the principles for shipping oil to China via Kazakhstan in order to meet its supply commitments to Beijing, Reuters reported. The preliminary agreement was signed by executives of Rosneft, Kazakh state oil firm KazMunaiGas and oil pipeline monopoly KazTransOil (KZTO.KZ). No details were disclosed, but sources familiar with the agreement told Reuters that Rosneft would supply 7 million metric tons a year (140,000 barrels of oil per day) to China via Kazakhstan. Rosneft would pay export duty to the Russian state, the sources said.