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Russia: Putin prepares to sell $60 billion of oil to China00:53

Russia: Putin prepares to sell $60 billion of oil to China

Russian Federation, Saint Petersburg
June 20, 2013 at 14:41 GMT +00:00 · Published

Russia: Putin prepares to sell $60 billion of oil to China

Russian President Vladimir Putin met with Chinese Vice Premier Zhang Gaoli on the sidelines of the Saint Petersburg International Economic Forum on Thursday.

During the meeting, Putin said that Russia is preparing a contract with China worth an estimated $60 billion (€45.5 bn) to supply China with hundreds of millions of tons of oil. The unprecedented deal will allow state-owned Russian oil company Rosneft to increase supplies to China over 25 years. As part of the deal, China will provide Rosneft with a $2 billion (€1.52 bn) loan.

Speaking to the media about the deal, Putin said: "Our exports to China are expected to amount to a volume of hundreds of millions of tons of oil and in terms of dollars amount to more than $60 billion."

In the spirit of the Saint Petersburg International Economic Forum, Putin hoped to improve cooperation between Russian energy and tech companies and their Chinese counterparts. In particular, Putin said: "We are especially hopeful with regard to our Chinese partners' prospective cooperation with companies like Gazprom or Novatek."

Russia: Putin prepares to sell $60 billion of oil to China00:53
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Russia: Putin prepares to sell $60 billion of oil to China

Russian President Vladimir Putin met with Chinese Vice Premier Zhang Gaoli on the sidelines of the Saint Petersburg International Economic Forum on Thursday.

During the meeting, Putin said that Russia is preparing a contract with China worth an estimated $60 billion (€45.5 bn) to supply China with hundreds of millions of tons of oil. The unprecedented deal will allow state-owned Russian oil company Rosneft to increase supplies to China over 25 years. As part of the deal, China will provide Rosneft with a $2 billion (€1.52 bn) loan.

Speaking to the media about the deal, Putin said: "Our exports to China are expected to amount to a volume of hundreds of millions of tons of oil and in terms of dollars amount to more than $60 billion."

In the spirit of the Saint Petersburg International Economic Forum, Putin hoped to improve cooperation between Russian energy and tech companies and their Chinese counterparts. In particular, Putin said: "We are especially hopeful with regard to our Chinese partners' prospective cooperation with companies like Gazprom or Novatek."

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