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Russian companies head east to cement oil and gas ties with China
China and Russia have entered a new phase of strategic energy co-operation, re-orientating Russia's Euro-centric oil and gas trade towards the east, writes Isabel Gorst
RUSSIA HAS always been reluctant to allow its strategic oil and gas resources to pass into foreign hands and has, until now been particularly wary of its powerful neighbour to the east. But the global financial meltdown has pushed Russia into the arms of China. Burdened by debt, Russian state-owned oil firms have borrowed billions of dollars from China to guarantee future energy supplies to the country and to build pipelines to carry oil and gas exports to the east. Locking together the world's biggest producer and fastest-growing consumer of energy will have far reaching implications for the world's energy markets, re-orientating Russia's Euro-centric oil and gas trade towards the east. China's readiness to enter a broad range of contractual arrangements, including equity deals, loans for oil and infrastructure investments have helped it leap ahead of ...Click here to continue reading Russian companies head east to cement oil and gas ties with China
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