Russia and China sign $85 billion oil trade deal

The world’s fastest-growing energy market China and world’s biggest oil producer Russia have strengthened their business ties on Tuesday after signing 21 trade agreements, including a new 100 million ton oil supply deal with China’s Sinopec.

Under the new energy deal, Rosneft, the world’s largest-listed oil producer, will supply China with up to 100 million tons of crude oil over 10 years.

Liquefied natural gas is another point of the energy negotiations, as Novatek, Russia’s biggest independent natural gas producer, signed preliminary memorandums with CNPC on Tuesday to sell at least 3 million tons of LNG per year between Yamal LNG and PetroChina International.

Russia, holder of the world’s biggest natural gas reserves, is looking to China as a key energy market as demand from Europe remains weak and the Americans are becoming more self-sufficient in their energy needs.



Categories: Business

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