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.

Must read

Recent News

Gold Price in Pakistan Today – 22 April 2024

0
On Monday (April 22, 2024), the gold rate for one tola of 24-karat in Karachi, Pakistan, is Rs 243,700.000.It's important to note that gold...

US’s sanction on entities supplying items to Pakistan’s missile program concerning: PTI

0
Urges govt to bring facts about US’s move before nation forthwith Vows any attempt to endanger national security, defense intolerableISLAMABAD, Pakistan: Pakistan Tehreek-e-Insaf...

Pakistan envoy attends Opening Ceremony of 41st Weifang International Kite Festival

0
WIFANG, China: Pakistan’s Ambassador to China Khalil Hashmi attended the Opening Ceremony of the 41st Weifang International Kite Festival held in Weifang on April...

Passing Out Parade of Cadets held at PMA Kakul

0
The Passing Out Parade of Cadets of 149th PMA Long Course, 14th Mujahid Course, 68th Integrated Course and 23rd Lady Cadet Course was held...

Aurangzeb meets AIIB President & IFC Managing Director in Washington DC

0
WASHINGTON DC: The Finance Minister Muhammad Aurangzeb met with the Asian Infrastructure Investment Bank (AIIB) President Jin Liqun on the sidelines of the World...
Advertisement