Sino-Russian energy cooperation deepens

Oct. 13, 2009 at 5:58 PM

BEIJING, Oct. 13 (UPI) -- Russian Prime Minister Vladimir Putin during his visit to Beijing is concluding many agreements on Sino-Russian cooperation in development of energy resources.

The Shanghai Daily reported Tuesday that in Moscow Russian Deputy Prime Minister Alexander Zhukov said that Putin would sign a total of nearly three dozen contracts in energy, mining, transportation and infrastructure, worth more than $5.5 billion. Chinese Vice Premier Wang Qishan observed that Sino-Russian relations have "entered a new stage of long-term, strategic cooperation on energy."

Putin's visit follows up on a $25 billion agreement that Moscow signed earlier this year to help underwrite a pipeline to supply China with oil from its untapped Siberian reserves. Under terms of the agreement China was guaranteed a 20-year supply of crude oil; the pipeline agreement is just part of the $100 billion in China-Russia energy-related contracts agreed to in 2009 alone. The Sino-Russian pipeline is due to begin supplying China 1.5 million tons of oil annually beginning in 2011.

Related UPI Stories
Latest Headlines
Trending Stories
House Majority Leader Kevin McCarthy drops bid for speaker
WikiLeaks offering $50K for video of Afghan hospital bombing
Murdoch sorry for implying Obama's not a 'real black president'
Reid sues exercise companies over eye injury
Lumber Liquidators to pay $10M in DOJ settlement