China and Russia Sign $25 Billion Oil Deal
Via VOA News
Russian oil awaiting export at a terminal in Vladivostok.
Russia and China have signed an energy deal that gives Russian oil companies $25 billion in loans in exchange for Moscow providing long-term oil supplies to Beijing.
Russian news reports say the China Development Bank will issue the loans to the Russian oil producing company Rosneft and to Transneft, which operates Russia’s oil pipeline system.
The deal was announced Tuesday in Beijing by Russian and Chinese officials.
Interfax news agency quotes Chinese Premier Wen Jiabao as saying the agreements are a result of “friendly economic cooperation” between the two countries.
Russia is the one of the world’s largest oil exporters.
Russia last year agreed to extend a branch of its East Siberia pipeline into China.
Analysts say Russia has begun efforts to diversify its exports away from Western nations and has been targeting China as a new market.
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Samuel R. Avro is the founder and Editor-In-Chief of Consumer Energy Report. Sam believes that a lot more can be done about the energy problem the world is currently facing. First and foremost, the public must be made aware of all the available options. He firmly believes that the most realistic method of achieving this on a large-scale basis is to report the news for the public to read and discuss. When he isn't too busy covering the energy industry, as a New York area resident, Sam is always willing to take part in a discussion about his World Champion New York Yankees. Motto: Dissemination of information is the key!
