A logo of Russian state oil firm Rosneft is seen at its office in Moscow, October 18, 2012. REUTERS/Maxim Shemetov
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There has been no shortage of big investment promises each time a Chinese government delegation has visited Moscow in recent years, but concrete deals have often been lacking. So the $9.1bn stumped up by CEFC China Energy this month for a 14.16 per cent stake in Russian oil producer Rosneft was a welcome surprise for those keen for China to become a big investor in Russia.As one of the largest Chinese investments in Russia and the second-largest oil and gas acquisition by a Chinese company, it strengthens the bonds between two of the world's biggest producers and consumers of energy, at a time when relations between Moscow and the west are increasingly sour.It also indicates that business relationships between China and Russia are maturing. The deal will give CEFC access to oilfields in eastern Russia close to the Chinese border and is the first time a Chinese company has taken a stake in one of the most important businesses controlled by the Kremlin.
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