Russia signs $270bn oil supply deal with China
Russian oil firm Rosneft (pictured) has signed a contract worth around $270 billion (£174.4bn) to supply crude oil to China, reports claim.
The state-controlled company will export 365 million tons of oil to China over the next 25 years, with new supplies expected to start next month. The contract is on top of the 15 million tonnes – or 300,000 barrels per day – of oil that Russia currently ships to China each year through Rosneft and state-owned pipeline network Transneft.
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Source:Energy Live News