(MENAFN) Russia's oil company Rosneft signs deal worth USD270b to increase oil supplies to China, reported Times of Oman.
Some experts think that Russia is looking to Asia after the economic crisis in Europe.
Rosneft is going to supply china with 300,000 barrels per day over 25 years starting in the second half of the decade.
This agreement is timed to tie in with the launch of new streams of East Siberian crude to avoid big redirection of existing flows and allow time to expand export infrastructure.
It is worth noting that the deal is one of the biggest supply deals in the history of Russia.
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