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Rosneft’s $270 Billion Oil Deal Set to Make China Biggest Market

OAO Rosneft signed a $270 billion supply deal with China National Petroleum Corp., making the Asian nation Russia’s biggest market for oil.

State-run Rosneft, the biggest publicly traded oil producer by output, will get a $70 billion prepayment under the deal, and will supply about 360 million metric tons of crude to China over 25 years, President Vladimir Putin said today at the St. Petersburg International Economic Forum.