Russia China Oil Trade Agreement

The two countries` $108 billion in commercial revenue was achieved in 2018 through the implementation of a number of projects, mainly in the energy sector, which dominates Russian-Chinese economic relations, according to the Russian Federal Customs Service. 9 November 2014 CNPC signed a framework agreement on Russian gas imports via the Western route with Gazprom and a framework cooperation agreement with Rosneft on the Vankor Oilfield project. On 5 September 2013, a framework agreement was signed with Gazprom on the supply of natural gas from Russia to China via the eastern route. The first deal was reached during a visit by Chinese President Xi Jinping to Moscow in March, his first foreign visit after Hu Jintao took control of the country. The agreement committed to gradually tripling China`s supply of Russian oil over the next 25 years, which currently is 15 million tonnes per year. Putin said Russia would send up to 46 million tons of oil a year to China under the treaty. Following the completion of the project, two other agreements were signed in June and November 2018, under which Russia will develop two units at the Xudabao nuclear power plant in Liaoning Province and the China Experimental Fast Reactor (CEFR) near Beijing. October 13, 2009 THE CNPC signed with Gazprom the framework agreement on the export of natural gas to China by Russia and a Memorandum of Understanding on upstream cooperation with Rosneft. In addition, the central banks of both countries have signed a currency exchange agreement. This has facilitated financial transactions and increased the share of payments in national currency to 15%. 17 February 2009 CNPC signs an agreement on the planning, construction and operation of a pipeline from Skovorodino in Russia to the Chinese border with Transneft and two agreements on the long-term trade of crude oil with Rosneft and Transneft, which lay the foundations for the construction of a Russian-Chinese crude oil pipeline.