Russia has reached an agreement with China to provide long-term oil supplies in exchange for multibillion dollar loans, Interfax news agency reported Tuesday, citing an unnamed source.
The agency said oil producer OAO Rosneft (ROSN.RS) and pipeline operator OAO Transneft (TRNFP.RS) would get $25 billion in loans, while China has secured supplies for the next 20 years.
Russia has also agreed to connect its Pacific Ocean oil pipeline to China.