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Rosneft inks Chinese oil contract worth $270b

(Global Times)

08:42, June 24, 2013

The president of Rosneft, the leader of Russia's petroleum industry and the chairman of the board with China National Petroleum Corporation signed a contract on Friday to provide crude to China for a long term.

Igor Sechin, president of Rosneft, said Friday that Rosneft will plan to supply 367 million tons of crude that is worth about $270 billion to China in 25 years, RIA Novosti, an Russian news agency, reported Friday.

The two companies inked the contract under the presence of Russian President Vladimir Putin and Chinese Vice Premier Zhang Gaoli during the Saint Petersburg International Economic Forum that last from Thursday to Saturday.

"China would like to work together with Russia to maximize the potential for bilateral economic cooperation and translate the best ever political relationship into practical results," Zhang said at a meeting with Putin.

His visit comes as a swift follow-up to the summit in Moscow between President Xi Jinping and Vladimir Putin in March.

"Frequent contact between the two countries' leaders has created a political foundation for further economic cooperation," noted Wu Hongwei, a researcher from the Chinese Academy of Social Sciences.

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