Russia and China in major oil and gas deals

|By:, SA News Editor

Russia and China reach agreement on two huge oil and gas supply deals: Rosneft (RNFTF), the world's largest listed crude oil producer, will supply Sinopec (SNP), China's largest oil refiner, with 10M metric tons/year of oil for 10 years; and Novatek (NOVKY), Russia's largest independent natural gas producer, will deliver 3M tons/year of liquefied natural gas from its Yamal LNG project to China National Petroleum (PTR) for 15 years.

Russia is looking increasingly to Asia for customers and funding to help develop its vast energy reserves, with demand in China and elsewhere in Asia soaring while it shrinks in other industrialized countries.