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Russia Reaches Oil Agreement with China 

Russia and China have signed an energy deal that gives Russian oil companies $25 billion in loans in exchange for Moscow providing long-term oil supplies to Beijing.

Russian news reports say the China Development Bank will issue the loans to the Russian oil producing company Rosneft and to Transneft, which operates Russia's oil pipeline system.

The deal was announced Tuesday in Beijing by Russian and Chinese officials.

Interfax news agency quotes Chinese Premier Wen Jiabao as saying the agreements are a result of "friendly economic cooperation" between the two countries.

Russia is the one of the world's largest oil exporters.

Russia last year agreed to extend a branch of its East Siberia pipeline into China.

Analysts say Russia has begun efforts to diversify its exports away from Western nations and has been targeting China as a new market.

Some information for this report was provided by Reuters.