BEIJING, Sept. 25 (UPI) -- Russian President Dmitry Medvedev is making a state visit to China and will discuss the Russian-Chinese oil pipeline while there, officials said.
Chinese Foreign Minister Yang Jiechi said Medvedev and Chinese President Hu Jintao attended ceremonies in Beijing to note the completion of a portion of the Russian-Chinese oil pipeline and to launch the Chinese section from Russia's east Siberia to Daqing, in China's northeastern Heilongjiang province, RIA Novosti said Saturday.
The project is part of the East Siberia-Pacific oil pipeline; it was started in December 2009 and is designed to deliver 1.6 million barrels of oil daily from Russia to China and the Asia-Pacific region, the report said.
Yang said the pipeline was expected to be completed and fully operational by 2011.
The project is a partnership between Rosneft, Russia's largest oil company, China's state-owned China National Petroleum Corp. and oil pipeline monopoly Transneft, the report said.
In the agreement, China agreed to provide a $25 billion loan to Russia, which will pump 15 million tons of oil annually to China between 2011-2030 in return.
Medvedev's state visit runs through Monday, when the two meet in Beijing to discuss a wide range of issues confronting their countries, RIA Novosti said.
