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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Weekend Edition Singapore Asia Pacific World Pipeline begins supplying oil from Russia to China AFP - Sunday, January 2 Send IM Story Print Pipeline begins supplying oil from Russia to China BEIJING (AFP) - – The first oil pipeline between Russia and China, feted as a mark of growing ties between the world's biggest oil producer and its biggest energy consumer, started operation Saturday, state media said. Oil began flowing through the pipeline that links Siberia with refineries in the northeastern Chinese city of Daqing at 11:50 am (0350 GMT) after two months of testing, according to the Xinhua news agency. Chinese President Hu Jintao and his Russian counterpart Dmitry Medvedev had symbolically opened the pipeline -- which stretches for 2,694 kilometres (1,673 miles) on the Russian side and 930 kilometres in China -- on September 27. It can carry 30 million tons of oil each year and will help China achieve its goal of diversifying energy imports, state media said. Under a 2009 deal China will receive oil for 20 years in exchange for loans worth 25 billion dollars. China has overtaken the United States as the largest energy consumer, and derives 70 percent of its energy from coal combustion but aims to diversify its sources to include gas, nuclear and renewables such as wind energy. In October 2009, during a visit to Beijing by Russian prime minister Vladimir Putin, the Russian giant Gazprom and China National Petroleum Company (CNPC) signed a framework agreement providing for deliveries of 70 billion cubic metres of Russian gas to China each year. But the agreement has so far not come into force because of disagreements between the two emerging giants over gas prices. Recommend Send IM Story Print Related Articles Cathay Pacific makes pay offer to pilots: report AFP - 1 hour 50 minutes ago US-BUSINESS Summary Reuters - 2 hours 11 minutes ago S.Korea KAMCO to buy $4.4 billion bad loans in 2011: report Reuters - 2 hours 12 minutes ago S.Korea KAMCO to buy $4.4 bln bad loans in 2011-report Reuters - 2 hours 16 minutes ago China Dec manufacturing eases on tightening moves AP - Sunday, January 2 News Search Top Stories Merkel must get Germans to back sound EU Viking wolves return for first solar eclipse of 2011 Britain set for rocky economic ride in 2011 New smoking laws takes force in Spain Bolivian president rescinds decree that raised fuel prices More Top Stories » Related Full Coverage China Economychina economy All Full Coverage » ADVERTISEMENT Most Popular Most Viewed No pardon for Wild West outlaw Billy the Kid '250 billion' plastic fragments in Mediterranean Colombia undertaker launches ghostly census French model known for anti-anorexia ads dies Estonia rings in 2011 as 17th eurozone member More Most Viewed » More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Weekend Edition Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo! Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Entertainment Photos Yahoo! News Network Copyright © 2011 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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