BEIJING, March 22 (Xinhua) -- China is a long-term strategic partner for Russia's energy sector and plays an important role in Russia's Asian oil strategy, Russian oil tycoon Sergei Bogdanchikov said here Wednesday.

In an interview with Xinhua, the president of the Russian oil company Rosneft said by the end of the year, Russia and China willset up a joint venture in each country that will engage in the exploration, production and processing of crude oil and oil products in Russia, and the sale of such products in China and other countries.

Asian and Pacific countries, particularly China, could be the major markets for oil from Russia's Siberia and Far East regions, he said, adding that Rosneft will set up an Asian office in Beijing.

Rosneft has signed a strategic cooperation agreement with the China Development Bank which provide financing for increased oil exports from Russia to China. Rosneft and the bank will also jointly finance the development of two oil and gas fields.

Bogdanchikov said Rosneft plans to increase its export of crudeoil and oil products to China from 7.1 million tons in 2005 to 12.7 million tons this year. Enditem