Best Friends or Bitter Enemies? In the years since Russia planted its flag on the Arctic seabed in 2007, the world has been waiting for Putin to bring in outside help to produce the oil there. That's normally a job for the supermajors like ExxonMobil and friends — but China's getting a piece of the action this time around. Russia has agreed to let China National Petroleum Corp. (CNPC) join Russia's OAO Rosneft in exploring Arctic waters for oil. So not only are the Chinese doubling the amount of their future oil imports from Russia, but they're also getting a stake in the Arctic drilling that's about to take place. In addition to CNPC drilling in three Arctic locations, China Development Bank Corp. will lend Rosneft approximately $2 billion. Of course, China's loan with Russia is backed by future oil production, a detail many tend to overlook. China has been making deals like these for years. They poured billions of dollars into Venezuela's oil i...