Russia Clinches $270 Bln Oil Export Deal With China

[FarCenter]

MOSCOW, June 21 (RIA Novosti) – Russia’s state-owned oil giant Rosneft will supply $270 billion worth of crude oil to China, the company said on Friday, after clinching a deal likely to make Moscow China’s biggest energy supplier.

Rosneft’s head Igor Sechin said the contract envisages the export of 365 million tons of oil to China over the next 25 years.

The deal will reshape the geography of oil exports from Russia, currently the world’s largest producer of crude. Most Russian oil currently goes to Europe via a network of pipelines from West Siberia, while only a fifth of it is exported to Asia.

Sechin, a key ally of President Vladimir Putin, said Rosneft and China National Petroleum Corporation (CNPC) will jointly develop three offshore fields in the Barents Sea and eight oil deposits in East Siberia.

http://en.rian.ru/business/20130621/181792752/Russia-Clinches-270-Bln-Oil-Export-Deal-With-China.html

[dipsydoodle]

1. And they won't use petrodollars for the trade

They'll use either Rubles or Euros : they already have provision for the Ruble to trade against the Yuan.

[datasuspect]

2. **tinky tink** go the champagne glasses

[Franker65]

3. Massive Deal

It's really huge news, though it is really disappointing to see China going after such a big amount of oil considering the pollution and ever hanging smog around the big cities. Whatever happened to their great green aspirations? China mainly imports Middle Eastern oil according to statistics and Russia comes fifth on that list. It will be interesting to see how this changes when that oil starts to flow.

[snooper2]

4. The Devastating Effects of Pollution in China

VICE-