Russia Today - October 22, 2013
The world’s fastest-growing energy market China and world’s biggest
oil producer Russia have strengthened their business ties on Tuesday
after signing 21 trade agreements, including a new 100 million ton oil
supply deal with China’s Sinopec.
Under the new energy deal, Rosneft, the world’s largest-listed
oil producer, will supply China with up to 100 million tons of
crude oil over 10 years. The agreement is testimony the neighbors
have "reached a higher and a brand new level of
cooperation,” Prime Minister Dmitry Medvedev said during an
online chat with Chinese citizens, Xinhua reported.
Rosneft will export through China’s Sinopec, company chief
Igor Sechin said. Up to 30 percent of the
shipment payments will be prepaid. Rosneft controls nearly 40
percent of Russia’s crude oil.
Medvedev is on an two-day official visit to Beijing and met with
Chinese Premier Li Kegiant and Zhang Yujing, the president of the
Chamber of Commerce, at the 18th annual economic summit of
Russian and Chinese government and finance ministers.
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