This week brought an increasingly familiar sight from Beijing: high-ranking Russian officials shaking hands with their Chinese counterparts. The occasion, just as it has been in recent months, was a slew of new energy deals that will further align the two countries as trading partners and bring Russia one step closer to becoming China’s primary fossil-fuel provider.
On Tuesday, Russia’s largest oil producer, the state-owned Rosneft, announced it had agreed to supply Sinopec, China’s state-owned oil and gas company, with 100 million metric tons of crude over the next decade, a deal that Russian Prime Minister Dmitry Medvedev valued at around $85 billion. In a touch of ominous irony, several hours later, news broke that Rosneft had cut its forecasts for the amount of oil a key field in Siberia is expected to produce, raising questions about Russia’s ability to feed China’s growing demand for crude.
Read Full Article HERE
Matthew Phillips, Bloomberg via CHINA US Focus http://feedproxy.google.com/~r/ChinaUsFocus/~3/qJVwSjY0LnQ/
No comments:
Post a Comment