(Yicai Global) Nov. 21 -- Russia's largest oil producer Rosneft OAO [MCX:ROSN; LSE:ROSN] will supply 60.8 million tons of crude oil to Chinese private energy giant CEFC China Energy Co. over five years beginning from Jan. 1, 2018, Russian news outlet Sputnik reported on its Chinese language website.

The value of the contract will depend on future crude prices, and the price of each shipment will be adjusted according to market prices, the report added.

Rosneft Oil and CEFC China struck a deal earlier this year in July, with the two agreeing to collaborate in crude oil exploration, production, processing and petrochemicals, trading, retail and financial services for oil and petroleum products. They also penned a deal for a long-term crude contract during the ninth BRICS Summit in September and struck an agreement on Nov. 10 to cooperate in oil and gas refining.

BRICS is the collective term for five of the world's major emerging economies: Brazil, Russia, India, China and South Africa.