Russia Agrees to $25 Billion Oil-for-Loans Deal With China

Energy-hungry China has signed a major 20-year deal with Russia. From Bloomberg:

Russia agreed to supply China with oil for 20 years in return for a $25 billion credit, as the world’s largest energy producer seeks to expand its presence on East Asian markets.

Russia signed the accord in Beijing today to deliver 15 million metric tons a year (301,000 barrels a day) for the next two decades, as well as build a branch from a new Siberian pipeline to the Chinese border, Deputy Prime Minister Igor Sechin said on Russian state broadcaster Vesti-24.

[…] Russia, which shares a 4,300-kilometer (2,700-mile) border with China, is seeking to increase its influence in East Asia by building oil and gas pipelines, starting deliveries of liquefied natural gas and hosting the Asia-Pacific Economic Cooperation summit in 2012. Currently Russia delivers oil to China via rail and a pipeline via neighboring Kazakhstan.

See also reports from Xinhua and RIA Novosti.


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