The China National Petroleum Corporation (CNPC) is a major national oil and gas corporation of China and one of the largest integrated energy groups in the world. Its headquarters are in Dongcheng District, Beijing. CNPC was ranked fourth in 2020 Fortune Global 500, a global ranking of the largest corporations by revenue.
Rosneft and Chinese CNPC switched to paying for raw materials in national currencies. NACP adds the three largest Chinese oil and gas companies to the list of international sponsors of war. Gazprom and CNPC agreed on additional gas supplies to China. Companies from China, Japan and France refused to finance Russia's large LNG project due to sanctions. We are talking about the Chinese CNPC and CNOOC, the Japanese Mitsui and JOGMEC consortium, as well as the French TotalEnergies. Each of them owns 10% of Arctic LNG-2, and 60% belongs to NOVATEK. A legally binding memorandum was signed on the construction of the gas pipeline to China "Power of Siberia 2" and the transit gas pipeline through Mongolia "Soyuz-Vostok".
Business as usual, agree to use rouble, yuan for gas payments. Turkmenistan refused to pump Russian gas to China. The Kremlin's plans to create a "gas union" in Central Asia to pump more gas to China have met with resistance from Turkmenistan, China's largest supplier of pipeline gas. Turkmenistan does not plan to connect Russia to the pipeline through which gas is supplied to China, the country's Foreign Ministry said. Turkmenistan, Kazakhstan and Uzbekistan are already supplying China with gas together through a pipeline built by the state-owned Turkmengas and China's CNPC. Of the 55 billion cubic meters per year, Turkmen gas accounts for 40 billion cubic meters, and the rest is supplied by Uzbekistan and Kazakhstan. The contract with China's CNPC was signed in 2013, under which the state-owned company will supply over 300 million tons of oil over 25 years. The terms include partial prepayment. In 2025, the estimated payment is $12 billion, in yuan, not dollars. At the September exchange rate, this is approximately one trillion rubles.