Russia, China Boost Energy Deals

Russia, China Boost Energy Deals

Russia and China have sealed a number of energy deals during the Russian President, Vladimir Putin, most recent visit to Beijing, according to Fortune.

The deals include the sale of stakes in some Russian projects to Chinese firms, an oil supply contract, and joint investments in petrochemical projects in Russia.

There were two deals that involved Russia’s top oil producer, Rosneft, the first one entails the China National Chemical Corporation (ChemChina) to take a 40% stake in Rosneft’s planned petrochemical complex VNHK in Russia’s far east. The second one includes signing a one-year contract that binds Rosneft to supply ChemChina with 2.4m tons of crude oil starting August 2016.

The energy deals were among more than 30 different synergy agreements between the two nations, as the Russian leader aims to boost his nation’s ties with Asia. Most of the agreements were framework for deals that will now be finalized, reported Radio Free Europe Radio Liberty.


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