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WASHINGTON – Russia and China have just signed a $270 billion energy agreement that quickly could lead to other lucrative energy projects, with the byproduct of strengthening not only economic but political ties between them, according to report from Joseph Farah’s G2 Bulletin.

The deal was between Russia’s state-controlled oil company, Rosneft, and the China National Petroleum Corporation.

China will now become Rosneft’s largest customer, obviating Moscow’s major reliance on European markets which continue to experience serious economic difficulties and, in some countries, a lingering recession.

It will help ensure that Russia continues to receive the revenue it needs for its own infrastructure development and military reform.

Having Rosneft’s boss, Igor Sechin, as one of the most trusted advisers to Russian President Vladimir Putin also has been a big asset in pushing the Russian president’s political agenda.

Sechin was Russia’s deputy prime minister from 2008 and 2012 before becoming the president of Rosneft.

Sechin basically rescued Rosneft from its own serious economic debt. By 2015, some $37 billion in debt will mature. This deal with the Chinese will help relieve that debt. Under Sechin’s leadership, the Chinese have already extended some $30 billion in loans to Rosneft to secure these oil agreements.

Under the agreement, China will provide $70 billion to Rosneft and a 25-year, $2 billion loan.

Rosneft will provide CNPC with some 365 million metric tons of crude oil over 25 years.

Now, Rosneft provides the Chinese with 300,000 barrels of oil a day but under the agreement will ship 600,000 barrels a day after 2015.

In addition, Rosneft and the CNPC will build a refinery in the Chinese port city of Tianjin. It will have a capacity to refine some 260,000 barrels a day. Once completed, Rosneft will provide 180,000 barrels a day for refinement.

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