Russia and China strengthen oil and gas deals

Chinese and Russian oil companies signed several deals during the recent Asia Pacific Economic Cooperation annual meeting in Beijing, indicating that the two countries have entered a honeymoon period in the area of energy cooperation, Guangzhou’s 21st Century Business Herald reports.

China National Petroleum Corp (CNPC) signed framework deals with Russian oil company Rosneft and gas supplier Gazprom Nov. 9 for buying a stake in an oilfield in Russia and in gas supplies.

The deals came as Moscow saw a further drop in oil prices and in its currency, the rouble, since July, which has hurt the Russian economy, the newspaper noted.