On the afternoon of May 28, 2003, CNPC (China National Petroleum Corporation) President Ma Fucai and Russia's Yukos oil company signed a general agreement on the main principles and understandings for a long-term contract to supply oil to China via a Russia-China oil pipeline.

China-Russia oil pipeline project is the largest economic cooperation project between China and Russia at present. After the implementation of the project, the two sides will have an annual oil trade volume of 20 million tons within five years of initial operation, which will be further increased to 30 million tons.

The two oil companies also signed a contract on the supply of 6 million tons of oil from Russia to China via rail, which is the largest oil trade contract so far between the two countries.