With the forthcoming deals to be signed in the next few weeks, Russia would catapult China to become the country's top recipient of oil exports from the former Soviet Republic.
One of the deals is with Rosneft increasing exports to China from thirty four million tones to fifty million tones or one million barrels a day by 2018. This deal is expected to be signed by incoming Chinese Premiere Xi Jinping as part of a number of other agreements. From 2018, the volumes would double accordingly.
This deal is in exchange for loans given by the Chinese government for the acquisition of TNK-BP by Rosneft in the amount of US$55 billion. According to as source, "No one expected that Rosneft would venture for such as massive oil supply increase to China." Many experts added that the deal can help Rosneft refinance the loans it has acquired in the TNK-BP deal.
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