Russian President Vladimir Putin has met with Chinese Deputy Prime Minister Zhang Gaoli and said Russia's leading oil company is preparing a $60 billion deal to supply China with oil.
Putin said at his meeting with Zhang on June 20 that the "unprecedented" deal would see Russian company Rosneft supply hundreds of millions of tons of crude oil to China.
Russia has been planning to build a series of oil and natural-gas export pipelines to China but negotiations between the two countries have often been protracted, usually due to price disputes.
Putin mentioned possible gas shipments to China also, saying Russia had "big hopes for cooperation between China and Russia's Gazprom and Novatek, Russia's second-largest natural gas producer."
Based on reporting by ITAR-TASS and Interfax