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.

Like Us on Facebook for more stories from UPI.com  
Latest Headlines
Top Stories
Ford recalls 432,000 North American vehicles over software bug
Compact cannon for British armored vehicles
Volvo unveils new child seat concept
New Zealand military receives medium heavy military trucks
BBC to lay off 1,000 people to make up for $234M in lost revenue