Jan. 22, 2007 (China Knowledge) – Russian state rail company OAO RZD will invest RUB 2.5 billion to meet its 2007 rail delivery target of 15 million tons of crude oil to China, reported China Petrochemical News.

Russia's crude oil exports by rail to China totaled 10.26 million tons in 2006, a 33.6% increase.

China imported 145 million tons of crude oil in 2006, a 14.5% increase, according to figures released by the General Administration of Customs. With soaring oil prices, as well as an increase in crude oil exports, Chinese companies have spent an additional US$15.2 billion on importing oil from abroad in 2006.

A booming economy has made China the world’s second-largest oil importer after the U.S. The Asian nation accounts for 30% of global oil production and 70% of the world's oil reserves.