Russia Signs $85 Billion Deal To Supply Oil To China: PM
From CTV News
by Joe McDonald
BEIJING — Russia has signed an $85 billion deal to supply oil to China, visiting Prime Minister Dmitry Medvedev said Tuesday, expanding energy trade between the giant neighbours.
The two governments also agreed to jointly construct an oil refinery in Tianjin east of Beijing, Medvedev said in comments posted on the website of the government’s Xinhua News Agency. Xinhua said he made them during an online forum with Internet users.
Medvedev’s announcements suggested the two governments might be committed to speeding up an expansion of energy trade that has been slowed by lack of agreement on prices and other details.
Medvedev said Russia’s biggest oil producer, Rosneft, will supply China an additional 70 million barrels of crude a year for 10 years under the latest agreement, according to Xinhua.
The agreement “testifies to the fact that we have reached a higher and a brand new level of co-operation,” said Medvedev in comments that were translated into Chinese on the Xinhua website. The transcript said questions posed by Chinese Internet users were put to the prime minister by a moderator but gave no indication how they were selected.
By posting your comment, you agree to abide by our Posting rules