China and Russia are expected to sign an oil-pipeline agreement involving investment of up to $2.5 billion for a 25-year deal, the Wall Street Journalreported.
Citing industry executives and analysts, the report said a feasibility study of the 2,400-kilometre project, from Siberian oil fields in Angarsk to refineries in northeast China, was completed this year.
It said an agreement to go ahead is expected to be signed this week during Russian President Mr Vladimir Putin's visit to Beijing.
"This is more than a symbol of friendship," said a research fellow at the East-West Center in Hawaii. "Energy security has become an obsession for China," the Wall Street Journalcited him as saying.