On the afternoon of May 28, 2003, CNPC (China
National Petroleum Corporation) President Ma Fucai and
Russia's Yukos oil company signed a general agreement on the
main principles and understandings for a long-term contract
to supply oil to China via a Russia-China oil pipeline.
China-Russia oil pipeline project is the
largest economic cooperation project between China and
Russia at present. After the implementation of the project,
the two sides will have an annual oil trade volume of 20
million tons within five years of initial operation, which
will be further increased to 30 million
tons.
The two oil companies also signed a
contract on the supply of 6 million tons of oil from Russia
to China via rail, which is the largest oil trade contract
so far between the two countries.
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