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Russian and Chinese state-run oil firms Rosneft and CNPC plan to sign a 15-year oil supply deal within days, ending months of dispute over pricing, industry sources said Friday.
The deal could become part of the program of Chinese Premier Wen Jiabao's to Moscow next week, they said.
Rosneft and CNPC, whose current long-term oil supply deal expires in 2010, have long been negotiating the terms to extend the agreement, which Rosneft has said no longer suits it.
Energy Minister Sergei Shmatko met with the head of China's National Energy Administration, Zhang Guobao, in Moscow on Thursday.
Shmatko said after the meeting that Rosneft and CNPC have agreed on the price formula for the new contract, which will be for at least 15 years, and are likely to sign the new deal in a month or six weeks' time.
Russia is currently exporting crude to China by rail but plans to open a major pipeline to China next year.
Most Read
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Heads Roll Over Metro Police Rape
The deputy chief of the Moscow metro police force was fired Thursday after two of his officers were detained on suspicion of abducting and raping a Belarussian woman this week.
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Suspect Nabbed in Elaborate Theft of $41M in Pension Cash
Police have arrested a 28-year-old suspect on suspicion of stealing $41 million from the federal pension fund in an elaborate scheme that involved Cyprus bank accounts, 23 cell phone numbers and a travel regime that avoided the use of trains and planes.
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Fake Diplomas = Fake Modernization
Russia has done little to reduce its high number of fake diplomas ― but at the same time it requires foreigners to prove that their degrees are valid before they can get a work permit.
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Nashi Is Asked to Vacate Main Office
Senior Moscow official Oleg Mitvol has asked the pro-Kremlin Nashi youth group to vacate its headquarters in a building meant to house a kindergarten, in what analysts called a sign that Nashi was losing its clout.
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Putin Extends Ban on Grain Exports
Prime Minister Vladimir Putin abruptly extended the grain export ban by at least several months from the end of this year because farmers and wholesalers sent grain prices up by holding the latest harvest.
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Police Raid Opposition-Minded Magazine
Armed and masked police raided the opposition New Times magazine on Thursday, pressing journalists to hand over interview recordings used in reports on alleged abuse of authority by the OMON riot police.
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In the Spotlight: Rich Divorces
Tabloids have been reporting that Russian-born model Natalia Vodianova is about to get divorced from her husband, British aristocrat Justin Portman. Vodianova has the ultimate rags-to-riches story, starting as a market worker in Nizhny Novgorod to a top model.
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Chechens Find $1M Car
Chechen traffic police found a $1 million Rolls-Royce that was stolen in Moscow in 2007 and returned it to its rightful owner, the Chechen Interior Ministry said.
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The Unshaven Thinking Classes
As the new school year begins, it seems like an appropriate time to ponder the fascinating and formidable Russian word that describes the thinking classes: intelligentsia. It's deceptively simple. It actually is a devilishly difficult word to translate, or even understand. Our language columnist gives it a try.
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Transdnestr Defiantly Marks Independence
Shunned by the world community and held at arm's length even by main ally Russia, Moldova's tiny rebel Transdnestr defiantly marked 20 years of unilateral independence in full Soviet style Thursday.
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Spy Chapman Poses for 'Erotic' Photos
Glamorous secret agent Anna Chapman has posed provocatively for a Russian magazine shoot in her first public appearance since she was deported from the United States in a major spy swap.
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Dozens Detained as EU Officials Join Rally
Police detained dozens of protesters attempting to rally late Tuesday at the closed Triumfalnaya Ploshchad in central Moscow, including rally leaders, but did not exert additional force despite a warning from Prime Minister Vladimir Putin that the protesters deserved to be beaten.
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Putin’s Ticking Time Bomb
Moscow’s horrendous daily traffic jams and this summer’s wildfires have something in common: The roots of both of these problems can be found in the government’s gross incompetence, Yulia Latynina says.
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Superpower Ambitions Weaken Russia
Russia's hybrid regime, which combines elements of authoritarianism and electoral democracy, makes the nation an unattractive potential partner for global alliances. To improve relations, Russia must modernize and adopt a more predictable political system.
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Survey: Russia Has Wealthiest Expats
Russia, Saudi Arabia and Bahrain are home to the wealthiest expats, with euro-zone countries falling behind when it comes to paying for foreign expertise, according to a survey of expats released Wednesday.
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Blame Lies With Sun, Not Global Warming
Rather than global warming, it may have been a combination of jet streams, blocking effects and solar activity that caused this summer's drought, the director of an economic think tank suggests.
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Japanese Expert Takes a Stab at Moscow Traffic
A university lecturer is suggesting in a new book that Moscow drivers take cues from the Japanese to unsnarl the city's traffic. But Moscow traffic the night of the book's presentation to city officials showed how difficult that may prove.
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Putin Opposes Deripaska’s Dividend
Prime Minister Vladimir Putin dipped a careful toe into the high-stakes battle for control of Russia's largest miner on Tuesday, telling Norilsk Nickel's warring shareholders that it paid unusually high dividends last year.
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Well-Known Emigres Rally
The opposition's attempts to stage rallies in Moscow and St. Petersburg got an unexpected boost when Russian emigrants took to streets in London, Berlin, New York and Tel Aviv to express solidarity.
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Road-Tripping Putin Says Gasoline Too Costly
Prime Minister Vladimir Putin got behind the wheel of a Glonass-equipped Lada Kalina to test the new Amur highway over the weekend, but he complained that the quality of the “historic” road was unsatisfactory and that gas prices were too high.
- ‘I See Jail in Your Future …’
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Moscow's Smog Worsens as Wildfires Rage
A suffocating smog from wildfires hung over Moscow, raising the concentration of dangerous pollutants to a new high as exasperated residents donned face masks. The thick haze engulfed Moscow for a second straight Saturday.
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6 Countries Join Russian Firefighters
Firefighters battling intense blazes across Russia got a welcome boost when aircraft, firetrucks and personnel arrived from Italy and five former Soviet republics. France, Germany, Poland and Bulgaria also offered help.
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Top Doctor Tells Foreigners Not to Fear Smog
The country's top doctor implored foreigners not to be scared off by intense smog that has blanketed Moscow for the past three days, even as embassies evacuated staff and at least one closed altogether.
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Medvedev Fires 5 as Moscow Chokes
Moscow residents choked on a thick, gray smog that seeped into apartments, offices and even underground metro stations Wednesday as wildfires burned. Meanwhile, President Dmitry Medvedev dismissed five senior military officials.
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Wildfires Leave Angst, Determination
Forty minutes. Just five minutes less than halftime in a football match and about the length of a TV show. It was enough time for a village of 341 houses to burn to the ground in the Nizhny Novgorod region.
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Co-Pilot Putin Helps Put Out Wildfires
Prime Minister Vladimir Putin took the pilot's seat in the government's fight against wildfires Tuesday, hopping on a firefighting plane to put out two blazes in the Ryazan region.
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Fierce Storms Blow Away Heat Wave
Russia looked ready to exchange one natural disaster for another as cold winds swept across the country's northwest on Monday and weather forecasters said hurricane-like gales might replace wildfires and drought.
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Putin Gives Inflamed Blogger a Bell
Taking a new tact in fighting wildfires, Prime Minister Vladimir Putin granted a fire bell to a blogger who accused the government of incompetence. But the story resembled a publicity stunt aimed at younger voters, an analyst said.
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Putin Should Be Fined for Pilot Stunt, Bloggers Say
Bloggers took issue with Prime Minister Vladimir Putin's decision to pilot a firefighting aircraft this week, saying he should be fined for operating a plane without a license.
