Russia Agrees to $25 Billion Oil-for-Loans Deal With China
Feb. 17 (Bloomberg) - Russia agreed to supply China with oil for 20 years in return for a $25 billion credit, as the world’s largest energy producer seeks to expand its presence on East Asian markets.
Russia signed the accord in Beijing today to deliver 15 million metric tons a year (301,000 barrels a day) for the next two decades, as well as build a branch from a new Siberian pipeline to the Chinese border, Deputy Prime Minister Igor Sechin said on Russian state broadcaster Vesti-24.
So, $25 billion / (20 years * 365.25 days * 301000 barrels a day) = 11.36 dollars per barrel !!!
At this price it's a giveaway! I'm proud of China!
