Russia’s Rosneft (ROSN.MM) agreed a $270 billion deal to double oil supplies to China on Friday, as the Kremlin energy champion shifts its focus to Asia from saturated and crisis-hit European markets.
The deal, one of the biggest ever in the history of the global oil industry, will bring Rosneft $60-70 billion in upfront pre-payment from China, the holders of the world’s largest foreign exchange reserves.
It will also allow Rosneft, the world’s biggest publicly listed oil firm, to steeply cut its heavy debts and develop new remote Arctic fields.
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Denis Pinchuk, Reuters via CHINA US Focus http://feedproxy.google.com/~r/ChinaUsFocus/~3/XoEK2Qz6ro4/
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