news bulletin – answers

China lends Russian oil $25 billion

questions

1. Where is the new oil field? East Siberia
2. How is the ‘loan’ described? long-delayed
3. How is Transneft the pipeline company run? as a monopoly
4. How will the loan help the Russian oil industry? it will help pay for development and infrastructure
5. How much oil will Russia pump into China? 15 million tons
6. What is this worth at current prices? $90 billion
7. Who is the number one oil exporter in the world? Saudi Arabia
8. How does Russia want to develop its exports of oil? it wants to expand beyond western markets
9. What is China’s position vis-à-vis oil? it is the number 2 importer of oil
10. How are China’s oil demands described? tremendous
11. Why is China keen to secure energy supplies? for future growth
12. What happened to Chinese-Russian talks last year? they stalled (progress stopped)