Russia’s state-run oil group Rosneft has agreed to supply its new partner CEFC China Energy with almost 61m tonnes of oil over the next five years, strengthening the most high-profile corporate link in the burgeoning relationship between Moscow and Beijing.
Russia has been keen to build stronger ties with its eastern neighbour as relations with the west have soured in recent years, encouraging its energy companies to strike trade and investment deals with Chinese partners and seeking funding from Chinese lenders to make up for credit lines severed by EU and US sanctions.
