Russian oil giant Rosneft and Chinese state firm CNPC on Friday signed a $270 billion deal to supply China with oil over 25 years, an agreement hailed by Russian President Vladimir Putin as "unprecedented".
The agreement was signed by Rosneft chief executive Igor Sechin and CNPC head Zhou Jiping in the presence of Putin and visiting Chinese Vice Premier Zhang Gaoli.
"An estimated value of the contract in current market parameters is absolutely unprecedented -- 270 billion dollars," Putin told participants of the annual Saint Petersburg International Economic Forum.
Addressing chiefs of global energy companies like Eni, Exxon Mobil and Statoil, Putin reiterated Russia's plan to diversify its energy clients away from its traditional reliance on Europe.
Putin has made a priority of stabilising Russia's sometimes prickly relations with its giant eastern neighbour at a time when its ties with the West are becoming ever more problematic.
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