China and Russia Sign Oil Deal

China reached a long-term deal to lend $25 billion to two Russian energy companies in exchange for an expanded supply of Russian oil. State-owned OAO Rosneft, Russia's biggest oil producer, and OAO Transneft, its oil pipeline operator, will split the $25 billion in loans from China Development Bank. In exchange, Russia will provide China with an additional 15 million metric tons of crude oil a year. (WSJ, 2/18/09)