China seeks oil security with stake in Russia firm

China’s biggest oil company said Wednesday that a $500 million stake it had bought in the newly listed Russian petroleum giant, Rosneft, would help its efforts to secure energy for the Chinese market.

The state-owned China National Petroleum said in a statement published on its Web site that the investment would build on earlier agreements between the two companies to extract, refine and process Russian oil for shipment to China.
International Herald Tribune