Russia, China reach $60 bn oil supply deal: Putin
Saint Petersburg: Moscow and Beijing have reached agreement on a USD 60 billion contract to ramp up Russian oil supplies to China, part of the two countries` strategy to tighten their energy partnership, Russian President Vladimir Putin said on Thursday.
"A contract with Rosneft company has been prepared which is large-scale and unprecedented without any exaggeration," Putin told Chinese Vice Premier Zhang Gaoli at a meeting in Saint Petersburg, estimating the value of the deal at more than USD 60 billion.
In his comments open to the media, Putin did not say when the firm contract would be signed.
A preliminary agreement to gradually raise Russian oil supplies to China over the next 25 years from their current level of 15 million tonnes per year was reached during China`s leader Xi Jinping`s visit to Moscow in March.
As part of the deal, Russian oil state company Rosneft is to receive a USD 2 billion loan from China.
Russia, which wants to diversify its energy customers away from Europe, also needs to finalise a potentially huge gas deal with China but a commercial contract has so far proved elusive as talks have become mired in pricing disputes.
More from India
More from World
More from Sports
More from Entertaiment
- Sheena's diary reveals disturbed relationship with parents: DNA reports
- PM Modi's Buddha mantra for peace at Global Hindu Buddhist Conclave
- Govt extended last date for e-filing of I-T return to Sept 7
- DNA: Bharat Bandh hits normal life; Bengal, Kerala among most affected
- India's ceasefire violations threat to regional peace and security: Nawaz Sharif
- Sheena Bora murder saga: 12 questions that police asked Peter Mukerjea during 12-hour grilling?
- Sunny Leone steamy condom ad (uncensored): Watch why this video is making news
- Indrani Mukerjea confesses to her role in Sheena Bora murder case
- 'Insulted' Samajwadi Party walks out of 'Janata Parivar', to contest Bihar polls alone
- BJP-RSS review meet, Day 2: NDA's education policy, Patel quota stir on agenda