Russia Lets China Into Arctic Rush as Energy Giants Embrace

Russia’s decision to give China a share of prized Arctic exploration licenses as part of a “breakthrough” deal signals how the world’s largest oil and gas producer and the biggest energy consumer are redrawing the global energy map.

Under agreements signed during President Xi Jinping’s first state trip abroad, China may double oil imports from state-run OAO Rosneft (ROSN) to more than 620,000 barrels a day, challenging Germany as the biggest buyer of Russian crude. The two also plan to sign an agreement this year to build a pipeline to ship Russian gas to China. Continue reading