China signs deal to import more Russian oil
China today said it had secured a Russian promise for more oil shipments by train for the next two years, as it scrambled to secure the energy it needs to feed its booming economy.
China will receive at least 10 million tons (70 million barrels) of crude oil from Russia by train in 2005, and at least 15 million tons (105 million barrels) by train in 2006, in a deal signed between the two countries’ governments yesterday in Beijing, the official Xinhua News Agency reported.
Further, Russian railways should be prepared to carry as much as 60 million tons (420 million barrels) of oil a year to China by 2010, up from the 20 million tons (140 million barrels) they are able to transport at present, it said.
China’s crude oil imports from Russia jumped 73% last year to 5.25 million tons (36.7 million barrels), according to state media.
The report did not say which companies would be involved in the new deal.
Troubled Russian oil giant Yukos suspended oil shipments by rail to China in September, citing financial difficulties related to its legal woes.
Russia’s second-largest oil producer Lukoil has said it would partially make up the suspended shipments, Chinese media reported.
