February 17, 2009

Energy Security: Russia China Oil Deal On

When first announced last October by PM Wen Jiabao $25 billion in loans was proposed from China National Petroleum Corp. to Roseneft for a pipeline directly from the emerging eastern Siberia oil fields to connect with China's oil pipeline and refinery centers. As announced today Roseneft will get $15 billion (US dollars) and Transneft - Russia's pipeline monopoly - $10 billion. When complete, China will get a steady supply of crude oil for 20 years. This is a major blow to the Japanese government which tried for years to prevent a pipeline direct to China...

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