Russia’s Rosneft has approved a 2018 deal to supply CEFC China Energy about 12 million tonnes of crude oil as part of the Chinese firm’s $9.1 billion investment in the Russian oil major, a Chinese source with direct knowledge of the matter said on Thursday. Of the total supply, CEFC expects to receive 8 to 10 million tonnes of ESPO crude from Russia’s Far East, said the source, in a deal that will make the Chinese firm a dominant player in the ESPO crude market and may enable it to challenge dominant Western oil traders like Vitol and Trafigura. The source, who declined to be named due to not being authorized to speak […]