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.