皇冠体育app

Economy

Markets

Industries

Insights

Reports

Events

"Loans for oil" talks restart between 皇冠体育app and Russia

By Yu Tianyu (皇冠体育app Daily)
Updated: 2008-11-25 13:14

Russia's energy negotiators have started week-long talks with Chinese representatives in a bid to achieve consensus on "loans-for-oil" deals between the two countries.

The parties attending the negotiation, Russian Rosneft and Transneft, have resumed talks on loans for the delivery of Russian oil to 皇冠体育app with 皇冠体育app National Petroleum Company (CNPC), 皇冠体育app Development Bank and Chinese government representatives in Beijing after their first-round negotiation early this month.

The week-long talks started on Sunday.

Russian Deputy Prime Minister Igor Sechin and Russian officials from the Sino-Russian energy resources negotiation mechanism will join the talks.

It was reported earlier that under a memorandum of cooperation in the energy sector signed in Moscow in late October, Transneft and Rosneft could receive loans of $10 billion and $15 billion respectively from Chinese banks in exchange for long-term oil deliveries by Rosneft to 皇冠体育app, and construction of a spur of the Eastern Siberia-Pacific Ocean (ESPO) pipeline to 皇冠体育app.

The insiders said the negotiation was shut down on November 12th due to divergence on lending rates and loan guarantees.

During this round of negotiation, the lending rate remains a focus, as Russia negotiatiors have been in discussions with 皇冠体育app Development Bank since arriving in Beijing on Sunday.