America's North Shore Journal » China, China's Economy » China Loans Russian Dollars for Oil
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China Loans Russian Dollars for Oil
That trade surplus with the U.S.? China is using part of it to buy oil from the Russians. After the infrastructure is built, maybe the Chinese will just step in and take it.
Russia and China have signed a $25bn (£17.54bn) deal that will see Beijing supplied with oil from Siberian fields in exchange for loans to Russian firms.
China Development Bank will lend $15bn to Russian state oil firm Rosneft, and $10bn to pipeline firm Transneft.
In return Russia will supply 15 million tons – 300,000 barrels a day – of oil annually for 20 years.
China is the world’s second biggest oil importer, and has looked to diversify its imports away from the Middle East.
Filed under: China, China's Economy · Tags: chinese financial reserves, chinese oil imports, oil, russian oil exports, russian trade with china, Siberian oil fields
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