Medvedev: China, Russia agree to oil supply deal

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Associated Press

Posted on October 22, 2013 at 3:30 AM

Updated Tuesday, Oct 22 at 3:33 AM

BEIJING (AP) — Russian Prime Minister Dmitry Medvedev says Moscow has signed an $85 billion deal to supply oil to China.

Medvedev said in an online discussion with Chinese Internet users that Russia's biggest oil producer, Rosneft, would supply 70 million barrels of crude a year for 10 years.

Medvedev says the agreement "testifies to the fact that we have reached a higher and a brand new level of cooperation."

China is the fastest-growing energy market and Russia is a major supplier. The two sides have expanded trade in oil and gas but progress has been slowed by lack of agreement on prices and other details.

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