China Splurges on Foreign Oil

China is taking advantage of the worldwide recession to stock up on foreign oil, experts say.

In rapid succession last month, Chinese state-backed banks offered billions of dollars in loans to foreign oil companies in Brazil, Venezuela, and Russia to secure future oil supplies.

On Feb. 17, China Development Bank agreed, after two years of talks, to lend $25 billion to Russia’s state-owned Rosneft oil company and pipeline operator Transneft. In return, China will get guaranteed oil deliveries of 15 million tons per year (300,000 barrels per day) for 20 years at an undisclosed price, Russian and Chinese news agencies said.
RadioFreeAsia