China May Be Russia’s Biggest Oil Buyer in 2018 on Rosneft Deal
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China is on track to become Russia’s biggest crude oil export market within five years after OAO Rosneft, the world’s biggest publicly traded oil producer, agreed to more than double shipments in exchange for loans.
Rosneft said it will deliver at least 37 million metric tons of oil a year, or about 743,000 barrels a day, to China National Petroleum Corp. starting from 2018, according to a copy of the agreement obtained by Bloomberg News.