A little-known company linked to the People’s Liberation Army has emerged as the leading acquirer of assets in the former Soviet bloc among China’s private companies, strengthening ties between Beijing and Moscow.
The rise of Shanghai-based CEFC China Energy has unfolded in sync with China’s economic push into central Asia and eastern Europe amid growing co-operation with Russia in matters ranging from disputed Asian islands to the Syrian conflict.
Last week, CEFC announced the purchase of an $8bn stake in Russian oil company Rosneft, its largest prize to date.
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