China to boost Russian oil imports

China is set to become Russian oil producer Rosneft’s (ROSN.LON, ROSN.MCX) biggest customer as the country prepares to sign a package of deals during a state visit this week, Reuters reported, citing anonymous sources. China’s new President, Xi Jinping, is expected to sign a deal in Moscow this week that would boost imports from Russia’s biggest crude producer from 34 million tons to 50 million tons by 2018. The deal could involve up to US$30 billion in loans to Rosneft. The company declined to comment.