Russia to boost crude supply to China

Beijing, Feb 20 (IANS/RIA Novosti) Russian state-owned oil giant Rosneft has agreed to boost crude supplies to China, a spokesperson of the company said.

The deal concludes a three-day visit by Rosneft President Igor Sechin to China.

Rosneft spokesperson Vladimir Tyulin, however, did not specify the amounts involved or delivery routes.

Rosneft and oil pipeline monopoly Transneft currently deliver 15 million tonnes of crude to China annually via a Russia-China branch of the East Siberia – Pacific Ocean pipeline under a deal signed in 2009. Deliveries started in 2011.

In return for long-term crude supplies, Rosneft received $15 billion and Transneft $10 billion in loans from Chinese banks in 2009.

– IANS/RIA Novosti

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