Barter oil deal

CHINA and Russia could be close to their first oil deal for 30 years. Under a barter arrangement, China would import Russian crude oil in return for corned beef, soya beans, sugar, fruit juice, eggs and textiles.

An official from the Singapore-based Dragon Petroleum said the first oil shipments could reach China by the end of next year. Western oil companies have also expressed interest in participating in the arrangement.

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