Comrade Sechin’s Chinese Bargain

Igor Sechin, head of Russia’s state-run oil company, Rosneft, has signed a seemingly desperate long-term oil deal with China, Russian journalist Grigory Pasko writes. Under the terms of the deal, Russia will supply 15 metric tons of crude over a 20-year period at a price of 25 billion US dollars.

A Russian blogger, RusAnalit, calculated that the price per barrel amounted to perhaps as little as USD 11. The blogger concluded that either China has squeezed Russia to the maximum, or there is a huge kickback built into the deal, amounting to several tens of billions of dollars.

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