MOSCOW, Nov. 12 (UPI) -- Talks between Moscow and Beijing over the pricing mechanism for crude exports to China and additional loan terms collapsed, media reports say.

Citing Russian media sources, the Platts news agency said working groups negotiating the price of crude supplies to China and loans linked to Beijing exports failed to realize a long-term supply contract.

Chinese Prime Minister Wen Jiabao visited Moscow in October to sign an agreement whereby his country would receive oil supplies in exchange for $20 billion worth of loans for foreign debt restructuring and future investment projects.

A 2005 contract between Rosneft and Beijing outlines a five-year deal to supply China with oil in exchange for $6 billion in advance payments. Rosneft in October lobbied for an investigation into the contract, claiming it lost more than $3.5 billion in the deal.

Rosneft has warmed to the China National Petroleum Corp., however, moving on several transport technologies, as well as plans for a 70 million-barrel-per-year refinery in China.