Chinese private-sector energy investment firm CEFC's $9bn acquisition of 14.16pc in Russia's state-controlled oil producer Rosneft is the biggest direct investment to date by a Chinese firm in Russia's energy sector. The deal opens the prospect of further co-operation. CECF has rapidly expanded its energy business in recent years, but the Rosneft stake is its costliest acquisition. CEFC enjoys close ties to Beijing and Chinese firms investing abroad under President Xi Jinping's "One belt, one road" initiative, which allows firms to borrow cheaply from Chinese state-run development banks.
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