State owned Rosneft of Russia has said the new deal with China is of great importance to both countries.

Head of Rosneft, Igor Sechin said that energy cooperation between Russia and China has entered a new era. Sechin served as Deputy Prime Minister of Russia in Putin’s cabinet until last May. The deal with China’s National Petroleum Corporation is worth 270 billion US Dollars. Analysts too have also spoken highly of this deal, saying it could help diversify Russia’s energy customers.