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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: China and Russia suspend pipeline talks AFP - Thursday, November 13 MOSCOW (AFP) - - Russia and China have suspended talks on the construction on a new Siberian oil pipeline, the Interfax news agency reported Wednesday. Citing a source close to the negotiations, Interfax said China wanted to attach "absurd conditions" to a 25-billion-dollar (20-billion-euro) loan package for Russian state pipeline monopoly Transneft and oil production company Rosneft, which was negotiated in exchange for importing oil to China. Another source close to the management of China's state oil company CNPC said that China had asked for higher rates of interest owing to the recent freeze in lending following the financial crisis. A Transneft spokesman told Interfax that the company regretted China's decision. Transneft and CNPC signed a long-awaited deal at the end of October during a visit to Moscow by Chinese Prime Minister Wen Jiabao. The pipeline would have run from the East Siberia-Pacific Ocean trunk pipeline, which is still under construction, to the Chinese border. Capacity was expected to be about 15 million tonnes per year. The branch pipeline was planned to run some 70 kilometres (45 miles) from Skovorodino in Siberia to the Chinese border and was to eventually supply the oil hub of Daqing in northern China. Rosneft, Russia's biggest oil major, currently supplies China with oil by rail. Despite being China's neighbour, Russia is only the fifth-largest supplier of crude oil to the energy-hungry Chinese market. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: China's Economy Failure of auto industry could set off catastropheAP - 1 hour 30 minutes ago Halt in consumer spending hurts retailersAP - 1 hour 53 minutes ago China and Russia suspend pipeline talksAFP - Thursday, November 13 European shares hit by economy, financial sectorReuters - Thursday, November 13 Related Articles: Business Failure of auto industry could set off catastropheAP - 1 hour 30 minutes ago RPT-Woodside reports problems at Australian LNG unitReuters - 1 hour 33 minutes ago Lend Lease backs outlook but asset sales toughReuters - 1 hour 34 minutes ago Pentagon OKs $50M funding for 4 more Lockheed jetsAP - 1 hour 35 minutes ago Merrill, BofA merger wins support of top proxy firmReuters - 1 hour 37 minutes ago Enlarge Photo China and Russia suspend pipeline talks Related Full Coverage China Economy china economy All Full Coverage Most Popular – Business Viewed Ancient 4,300-year-old pyramid discovered in Egypt Your favorite music = happy heart: study Britney Spears's son hospitalized: statement Economic gloom mounts ahead of finance crisis summit Oil price dives under 55 dollars per barrel in London View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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