Rosneft has secured a US$2bn loan from the China Development Bank (CDB).

The loan has a 16-year tenor and is secured by a current contract for crude oil supplies between Rosneft and the China National Petroleum Corporation (CNPC) which has existed since 2009. Russian bank VTB acted as passport bank and facility agent.

In the days after the loans was announced, it was revealed that Rosneft and CNPC have inked a new 25-year contract for the supply of crude oil to China. The contract is said to be worth US$270bn with an upfront payment of US$60 to US$70mn.

Currently, Rosneft supplies China with 300,000 barrels of oil a day. The new agreement would double that figure by 2015. Rosneft and CNPC are also set to jointly construct a new refinery in Tianjin.

In the same week, Rosneft has secured a US$1.5bn loan from Swiss commodities trader Trafigura. The export finance facility marks the latest deal to be struck by the world’s largest crude oil producer with a trading house. Earlier this year, it received a US$10bn loan from Glencore and Vitol.