China Petroleum & Chemical Corp (Sinopec) signed a deal with Russia-based OAO Yukos in which Yukos will supply the Chinese refiner with 17 million metric tons of crude oil over a four-year period beginning later this year. Under the contract, Yukos will transport 4.25 million metric tons of crude oil per year to Sinopec's northern refineries, with the majority of crude delivered to subsidiary Yanshan Petrochemical Corp.
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