Statoil signs agreement with Chinese oil company

Statoil logo.Statoil logo.Photo: Norway Today Media

Statoil signs agreement with mayor Chinese oil company

Statoil has entered into an agreement with the Chinese oil company Sinopec, the world’s second largest oil and gas company.

During a closed ceremony at Sinope’s headquarters in Beijing on Friday, Statoil directors Jens Økland and Tor Martin Anfinnsen signed a letter of intent with Sinopec, according to Aftenposten.

 Økland describes the unanimity of this formal framework as a breakthrough that will be of major importance to Statoil’s future sales of oil to China and the opportunities to “do more together” with the Chinese big company.

 “The agreement opens up great opportunities for increased oil sales to China and a significant and profitable collaboration with Sinopec worldwide,” says marketing director and marketing director Jens Økland.

 He states that Statoil’s crude oil exports to China last year were at the highest level ever, 42 million barrels. That gave Statoil a valuable 18 billion kroner in revenues.

 Statoil’s new agreement with Sinopec will be signed at the same time as oil and energy minister Terje Søviknes has visited Beijing.

 “It’s no coincidence that my first long travel abroad, as the oil and energy ministers, is just about going to China”, said Søviknes when he met the Chinese minister Nur Bekri in Beijing on Wednesday.

 The two ministers signed a MOU on energy cooperation between Norway and China, which would have been impossible without the normalization between the countries that started with a joint declaration on December 19th last year.

© NTB Scanpix / Norway Today