Chinese CNPC signed a preliminary deal on gas and oil supplies with Russia’s Gazprom and Rosneft.

      CNPC and Gazprom plan to negotiate the final price by the end of the year, with the volume of supplies estimated at 38 billion cubic meters.

      The deal is expected to become effective starting from 2016.

      Rosneft struck an agreement on oil supplies and also secured a $2 billion loan from the Bank of China.