CNPC, Rosneft sign $270bn oil contract

China National Petroleum Corporation (CNPC) and Russian oil giant Rosneft have signed a long-term agreement for oil deliveries with an estimated value of 270 billion U.S. dollars, President Vladimir Putin said Friday. "The contract is intended for 25 years," Putin said during the ongoing 17th St. Petersburg International Economic Forum. "Russia and China are strategic partners, and the cooperation in energy has been positive," Rosneft CEO Igor Sechin told Xinhua on the sidelines of forum, adding his company would cooperate further with Chinese energy firms. Local media say the deal would reshape the geographic feature of Russia oil exports, which currently are mostly Europe-oriented.