Russian oil will receive a loan of 2 billion US dollars to increase exports to China

Abstract Russian oil company president Xie Qin said that the company will receive a $2 billion loan from China to increase exports to China. The increase in exports will begin this year, reaching a maximum of 31 million tons per year. He told reporters: "The principle agreement on the export of crude oil to China provides for stepping...

Russian oil company president Xie Qin said that the company will receive a $2 billion loan from China to increase exports to China, and that exports will start at this year, up to 31 million tons per year.

He told reporters: "The principle agreement on crude oil exports to China stipulates that exports should be increased in stages: this year, 800,000 tons will be re-exported on the basis of the contracts and obligations signed in 2009. The new agreement provides for increased exports according to China's infrastructure capacity: this year. An increase of 800,000 tons, up to about 31 million tons depending on the year."

He said that these export plans last for 25 years. He said: "After a certain period of time, a binding final contract will be signed."

He pointed out: "We have also agreed with the China Development Bank to provide additional loans under conditions that will benefit us. These funds will be used to develop oil and gas fields. This is $2 billion and the term is the same as our export contract."

He added that increasing the export of oil to China requires additional solutions to the development of the pipeline system.

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