October 28, 2008

Wen Jiabao: China-Russia Oil Deal "Strategic"

The China National Petroleum Corp. and Rosneft, state-owned oil majors of China and Russia, finalized the long planned pipeline connection between the expanding eastern Siberian oil fields and China's pipeline network and refining centers. In Moscow, PM Wen Jiabao described the deal as "strategic" and Beijing may float Rosneft a $25 billion loan in the package.

When completed, 15 million tons per year of Russian crude will flow through the pipeline.

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