China, Russia reach big oil deal

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Russia will supply an additional 10 million metric tons of crude oil to China a year over the next decade, visiting Russian Prime Minister Dmitry Medvedev said during an online chat with netizens on Tuesday.

The deal, to be done by Russia's biggest oil company Rosneft, will be worth $85 billion, Medvedev said.

"It is a big sum of money to any country, even to China. It testifies to the fact that we have reached a higher and a brand new level of cooperation," he said.

China's oil imports stood at 276 million tons last year, with Russia being the fourth-largest provider.

Medvedev also said he hopes that a contract on natural gas deliveries to China will be signed soon.

Under a memorandum of understanding signed in March, Russia will supply 38 billion cubic meters of gas to China annually starting in 2018. The volume is expected to increase to 60 billion cubic meters in following years.

Shortly before the online chat, Premier Li Keqiang and Medvedev co-chaired the 18th regular meeting of the Chinese and Russian heads of government.

The regular meeting has become an important platform to outline cooperation between the two countries.

"Energy cooperation between China and a third party will not affect cooperation between China and Russia," Li said, adding that China-Russia energy cooperation is of long-term strategic significance.

Cooperation between China and Russia is also collaboration between major emerging economies, Li said.

"The bilateral ties are of great significance to Eurasia and the whole world ... and will benefit world economic recovery," he added.

On Tuesday, the two countries signed 21 deals in various fields including the energy and financial sectors.

China's annual investment in Russia has been between $300 and $600 million over the years, representing less than 1 percent of China's overseas investment, while Russia's investment in China is around $30 million.

Questions:

1. Which Russian leader is visiting China?

2. What will Russia supply to China?

3. What did the two countries sign on Tuesday?

Answers:

1. Prime Minister Dmitry Medvedev.

2. An additional 10 million metric tons of crude oil a year over the next decade.

3. 21 deals in various fields including the energy and financial sectors.

About the broadcaster:

Anne Ruisi is an editor at China Daily online with more than 30 years of experience as a newspaper editor and reporter. She has worked at newspapers in the U.S., including The Birmingham News in Alabama and City Newspaper of Rochester, N.Y.