Russia, Kazakhstan Sign Deal on Oil Transit to China

MOSCOW, December 24 (RIA Novosti) – Russia and Kazakhstan signed an intergovernmental agreement on Tuesday to guaranteeing transit of Russian oil to China.

The agreement was signed in the wake of talks between Russian President Vladimir Putin and his Kazakh counterpart Nursultan Nazarbayev.

Igor Sechin, the CEO of Russia’s state-run oil company Rosneft, said last week that the company plans to deliver 7 million metric tons of oil to China via Kazakhstan annually starting from 2014.

The deal would bring an additional $2.3-2.5 billion to the Russian budget annually.

A provisional agreement and oil transit guarantees with Kazakhstan were signed in November.

http://en.ria.ru/russia/20131224/185893080/Russia-Kazakhstan-Sign-Deal-on-Oil-Transit-to-China.html