Xi’s First State Trip Yields ‘Breakthrough’ Oil Deals With Putin
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China agreed to double oil supplies and supported construction of a natural gas pipeline from Russia under “breakthrough” agreements during President Xi Jinping’s first state trip abroad.
OAO Rosneft, the world’s biggest traded oil producer by output, will borrow $2 billion from China Development Bank Corp., backed by 25 years of oil supplies, under accords signed yesterday in the Kremlin. The Russian company also offered China National Petroleum Corp. access to Arctic resources, and OAO Gazprom said it plans to conclude a 30-year gas-supply contract to China by year-end.