Sechin, who is responsible for the fuel and energy sector in the Russian government, said after his meeting with Chinese Prime Minister Wen Jiabao that both countries had signed an intergovernmental agreement on the construction of a branch of the East Siberia-Pacific Ocean (ESPO) oil pipeline toward China and long-term Russian oil supplies.
According to Sechin, under the agreement, Russia will supply 15 million metric tons (110 million barrels) of crude annually for 20 years to China "on credit terms that suit both parties."
Sechin declined to specify the terms of the credit.
Russia was seeking two loans worth a total of $25 billion from China for its state-controlled oil firm Rosneft and Transneft pipeline operator to build a Chinese branch of the East Siberia-Pacific Ocean. ESPO is currently under construction and expected to pump its first oil in December 2009.