China Development Bank agreed to extend a loan of $25bn to Rosneft and Transneft in exchange for long-term oil shipments to China, RBC reported citing a source close to the Russian delegation visiting China
Deputy Prime Minister Igor Sechin represented Russia during the talks in Beijing. However, the Russian companies concerned have not issued any official statements in this regard so far.
As reported earlier, Russia and China signed a memorandum on understanding and cooperation in the oil sphere back on October 28, 2008.
The memorandum provided for a long-term accord for 20 years on the supply of up to 15m tonnes of Russian oil a year.
This issue was discussed along with Rosneft's proposed cooperation with China National Petroleum Corporation (CNPC) in oil refining and Chinese loans to Rosneft and Transneft. It was assumed, that the Russian companies would raise up to $25bn in loans ($15bn for Rosneft and $10bn for Transneft) secured by oil exports.
Author:
Ksenia Kochneva
