Russia, China agree multi-bln dlr oil deal: company Moscow (AFP) Feb 17, 2009 Russia and China on Tuesday agreed a 20-year deal to pump Russian oil to the energy hungry Chinese market in return for financing for Russian oil majors Transneft and Rosneft, Transneft said in a statement. "Russia will deliver to China 15 million tonnes of petrol a year over 20 years under financing conditions which suit both sides," said Russian Deputy Prime Minister Igor Sechin, according to Transeft. A source close to Chinese state oil company CNPC was quoted by the Interfax news agency as saying that China would grant loans worth 25 billion dollars to the Russian oil firms in return. According to Transneft it will benefit from financing worth 10 billion dollars as part of the deal. The other 15 billion dollars will go to Rosneft. The contracts were signed in Beijing during a meeting between Sechin and Chinese Deputy Prime Minister Wang Qishan. As part of the deal, the two sides will also build an extension of the Russian Siberia-Pacific pipeline that flows towards China which will allow oil from Siberia to be pumped into the north of China. Transneft vice president Michael Barkov said that his group would start construction of the oil pipeline this year so that it can be used from 2010. Its loan from China would be used primarily to finance the pipeline, he added. Share This Article With Planet Earth
Related Links Powering The World in the 21st Century at Energy-Daily.com
Chinese vice president heads to Caracas Caracas (AFP) Feb 16, 2009 Chinese Vice President Xi Jinping will begin Tuesday a two-day official visit in Caracas, as part of his ongoing tour of Latin America to strengthen relations with the region. |
|
The content herein, unless otherwise known to be public domain, are Copyright 1995-2007 - SpaceDaily.AFP and UPI Wire Stories are copyright Agence France-Presse and United Press International. ESA Portal Reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. Advertising does not imply endorsement,agreement or approval of any opinions, statements or information provided by SpaceDaily on any Web page published or hosted by SpaceDaily. Privacy Statement |