China’s CEFC eyes big league with Rosneft oil offtake deal

As part of its recent $9.1-billion investment in Russian oil giant Rosneft, little-known CEFC China Energy will have access to up to 260 000 bbl/d of Russian oil – giving it the sort of market clout to potentially challenge dominant Western oil traders like Vitol. For China, the world’s top crude importer, having access to Russian oil would be a big step towards its ambition to create a globally integrated oil supply chain.