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Russia, China to sign major oil deal

Russia and China are on the verge of signing a major oil deal that will nearly double trade exchanges between the two sides by 2005, Beijing's new ambassador to Moscow said on Thursday. The deal between the Russian oil major Yukos, the national pipeline monopoly Transneft and a Chinese energy concern is likely be signed during a visit to Moscow by Chinese Prime Minister Zhu Rongji that begins next week, ambassador Zhang Deguang said.

Russia and China are on the verge of signing a major oil deal that will nearly double trade exchanges between the two sides by 2005, Beijing's new ambassador to Moscow said on Thursday.
The deal between the Russian oil major Yukos, the national pipeline monopoly Transneft and a Chinese energy concern is likely be signed during a visit to Moscow by Chinese Prime Minister Zhu Rongji that begins next week, ambassador Zhang Deguang said.
The pipeline, to be completed by 2005, would run from Russia's Siberian region of Irkutsk to Daling in north-eastern China, Zhang said.
Once fully operational, the oil deal would boost annual trade by $6 billion, nearly doubling trade exchanges which recorded some $8 billion last year, the ambassador said.
"Both sides have agreed to sign the contract for the pipeline," Zhang said.
Yukos, run by Mikhail Khodorkovsky, is the second largest Russian oil group in terms of production.
Russia's trade with China stands at just over one-tenth of the volume that passes between China and the United States, with a large part of that coming in the form of small barter deals between Siberian merchants and their northern Chinese counterparts.
"Russia's (direct) investment in China is a little more than $200 million and China's investment in Russia is just over $100 mi
Neftegaz.ru