Russian Oil Company Reaches Deal with China
Russian state-run oil company Rosneft said it has agreed to provide China with up to 50 million tons of oil.
Under the agreement, Rosneft will deliver the oil from February 1st this year to 2010.
In 2003, China joined an energy cooperation project with South Korea and Russia. The project requires 17 billion US dollars in investments, and involves gas pipelines from Russia to both China and South Korea.
On behalf of the Russian government, Rosneft signed that agreement with China National Petroleum Corporation. At the end of last year, Rosneft took over Yukos' largest subsidiary.
(CCTV Jan. 2005)