CEFC China Energy is set to gain up to 260,000 barrels per day of oil supplies from Russia as part of its recent deal with Moscow to invest $9.1 billion in the Russian state oil giant Rosneft, according to a new report by Reuters . The recurring shipments will mean China will take five percent of Rosneft’s output, which will challenge Western oil traders’ dominance in the Asian markets. Chinese oil and gas investments have also reached Saudi Arabia, with CEFC offering to purchase a five percent stake in Saudi Aramco. CEFC will buy a 14 percent stake of Rosneft from the Qatar Investment Authority and Glencore. The two entities acquired a 19.5 percent stake from Rosneft just nine months ago. The resale occurred so soon because Glencore, QIA’s partner in the deal, and the QIA itself looked to reduce debt repayments, according to Rosneft CEO Igor Sechin. “This […]