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The deal is likely to make Moscow China’s biggest energy supplier.
Rosneft’s head Igor Sechin said the contract envisages the export of 365 million tons of oil to China over the next 25 years.
The deal will reshape the geography of oil exports from Russia, currently the world’s largest producer of crude.
Most Russian oil currently goes to Europe via a network of pipelines from West Siberia, while only a fifth of it is exported to Asia.
Sechin, a key ally of President Vladimir Putin, said Rosneft and China National Petroleum Corporation (CNPC) will jointly develop three offshore fields in the Barents Sea and eight oil deposits in East Siberia.
In 2009, Russia completed construction of a 2,700 km (1,700 mile) pipeline across Siberia to China’s Manchuria region, and in April this year Rosneft and CNPC signed an agreement to deliver 37 million tons of oil a year.