Russia-China Oil Deal

Russia and China have greed a 25 billion dollar arrangement in which Beijing will make loans to two state-owned Russian firms in exchange for oil.The China Developement Bank will loan 10 billion dollars to Russian pipeline monopoly Transneft,and 15 billion to Rosneft,the Russian oil titan.For its part,Russia will provide 15 million tons of oil to China over 20 years.China has been aggressively seeking international oil reserves for its rapidly growing economy and rising standard of living,while Russia has been hobbled by the recent crash of oil prices from vaporizing demand.China's advances have not always been welcome,as in its failed bid for U.S. oil firm Unocal.