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February 02, 2005
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From Beijing with Love
The Yukos affair was a re-nationalisation of Russia's biggest oil firm. Eventually Rosneft, the state owned oil company, bought the major production subsidiary in a knock-down auction. And who bankrolled this US$9 billion purchase? China, in return for a guarantee of future deliveries of crude. Even Xinhua sounds a little suspicious. For China it's a great deal. They get to trade depreciating US dollars, which they have US$600 billion or so, for a far more precious (and rare) commodity: oil. Canny traders. posted by Simon on 02.02.05 at 11:45 AM in the
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