China and Russia are to deepen their existing energy industry cooperation after signing a deal to supply oil to China worth $270 billion over the next 25 years.

The deal was signed on Friday between Rosneft and China National Petroleum Corporation,the country's largest State-owned oil and gas producer. The deal will see the supply of 365 million metric tons of oil to China starting from next month, according to media reports.

During his visit to Russia on Thursday, Vice-Premier Zhang Gaoli said that China was keen towork together with Russia to maximize the potential for bilateral economic cooperation.