Kremlin go-ahead for China oil deal

Energy-hungry China gained its first stake in a Russian oil field last week, signalling a reversal in the Kremlin’s attitude to its long-time rival and launching Russia’s new energy partnership policy.

The Kremlin has rebuffed China’s last two attempts to buy a Russian oil company. In 2002 Beijing agreed to back out of an auction for Russia’s second biggest state-owned oil company, Slavneft, after pressure from Moscow.

But after years of reticence, the Kremlin has reversed its policy of blocking Chinese investments into its strategically important energy sector .
The Business Online