According to "Finance" website on January 19 news, the Russian media Interfax quoted anonymous sources that China National Petroleum Corporation (hereinafter referred to as CNPC) agreed to increase the purchase price of oil from Russia's Rosneft.
The report said that PetroChina agreed to increase the price of US$0.675 per barrel, effective from November 2007. In December 2004, CNPC and Rosneft signed a contract to purchase a total of 48.4 million tons of oil by 2010, worth US$6 billion. However, with the rise in oil prices, Russia has been complaining that the price paid by CNPC is too low.