Russia‚ China sign oil supply deal worth $85 billion

AsiaRussia‚ China sign oil supply deal worth $85 billion

BEIJING: Russian Prime Minister Dmitry Medvedev said on Tuesday that his country has signed an $85 billion deal to supply oil to China.

Medvedev, who is on a two-day visit to China to boost bilateral relations, said that the two governments also agreed to jointly construct an oil refinery in Tianjin east of Beijing.


Under the latest agreement, Russia’s biggest oil producer, Rosneft, will supply China an additional 70 million barrels of crude a year for ten years, Medvedev said.

The Russian premier said that the Tianjin refinery will have an annual capacity of 110 million barrels. He said that it will be built by state-owned China National Petroleum Corp., which will own 49 percent, and Rosneft, which will own 51 percent.

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