October 22, 2013 / 5:17 AM / 4 years ago

Russia's Rosneft, Sinopec in MOU on oil advance payment

BEIJING, Oct 22 (Reuters) - Russia’s top crude producer Rosneft and China’s largest state refiner Sinopec Group will sign a memorandum of understanding on advance payments for Russian oil exports to China, according to announcements made on Tuesday.

The Russian firm also agreed on crude supplies to a planned joint venture refinery in northern China’s Tianjin province with China National Petroleum Corp (CNPC), China’s top energy group and the parent of PetroChina.

The announcements, made during Russian Prime Minister Dmitry Medvedev’s visit to China, did not give details.

Reporting by Denis Dyomkin

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