The Russian government said it has approved a proposal to work with China to expand bilateral crude oil trade, including a 25-year supply contract that can be extended for another five years, Rusnews.cn reported Saturday. Under the agreement, conditions will be set for increasing crude oil supply to China. Russian oil giant OAO Rosneft and China National Petroleum Corporation (CNPC) will be in charge of implementation. The initiative still needs approval by the Russian State Duma, the lower house of the parliament, the report said.
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