Global Times recently reported that, on June 21, Russia’s largest oil company, Rosneft Oil, signed a long-term oil supply contract with China National Petroleum Corporation (CNPC). Russian President Vladimir Putin and Chinese Deputy Premier Zhang Gaoli were both present at the ceremony. The contract is for Russia to supply 365 million tons of crude oil to China over the next 25 years. The total contract value is around US$270 billion. The contract was based on a framework agreement between the two governments which signed in March 2013.
Source: Global Times, June 21, 2013