Posted on 10/22/2013 8:13:51 PM PDT by TexGrill
Chinese Premier Li Keqiang and his visiting counterpart Dmitry Medvedev witnessed the signing of 21 documents in the Chinese capital.
Medvedev says under the new deal, Russia will supply an ADDITIONAL 10 million tons of crude oil to China over the next 10 years.
The deal is worth 85-billion US dollars.
"Cooperation in energy between our two countries is the flagship. I very much hope that the agreement we signed in the area will be carried out in an orderly fashion. I also very much hope that the cooperation agreements we are currently talking about, including natural gas, can be quickly agreed upon."
Medvedev also says the two countries are planning to build an oil refinery in Tianjin, with a capacity of 16 million tons each year.
The Tianjin refinery will be jointly set up by China National Petroleum Corporation and Russia's biggest oil company Rosneft.
CNPC and Rosneft signed a long-term agreement earlier this year, in which the Russian company would supply 365-million tons of oil to China in the next 25 years.
Official numbers show China imported almost 25 million tons of crude from Russia last year.
Chinese Premier Li Keqiang says he puts a lot of hope on the trade potential between the two sides.
(Excerpt) Read more at english.cri.cn ...
***The deal is worth 85-billion US dollars.***
Since this is reported from Chinese radio and the trade is between Russia and China, the fact they mention how much the deal is worth in USD means the oil will be settled in U.S. dollars (for now anyway)?
Or why would this be mentioned here?
China and Putin have both made it clear that they are unhappy with the current petrodollar/reserve currency status quo and are interested in alternatives. this trade between them is a big signal IMO.
I was hoping they would make the exchange in the Mexico Peso currency.
OMG! the seas will be really rising fast now!
Which equals ~20,000 Barrels per day.
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