Business

Russia and China sign series of energy agreements

  • 27 September 2010
  • From the section Business
Medvedev and Hu Jintao
The presidents of Russia and China toast the signing of a series of deals on energy co-operation

China and Russia have signed a series of agreements to boost energy co-operation during a ceremony to open an oil pipeline between the countries.

Leaders of the two nations agreed deals on gas supplies, energy efficiency, renewable energy and nuclear power.

President Dmitry Medvedev is visiting China, where he and President Hu Jintao opened a pipeline that will supply Russian oil under a 20-year deal.

Both sides hailed the move as a "new era" in co-operation.

Russia's Deputy Prime Minister Igor Sechin told reporters in Beijing that Russia was in talks with China on plans to supply natural gas from 2015.

"Russia is ready to meet China's full demand in gas", said Mr Sechin.

However, while it is thought that the two sides have agreed terms on the volume of gas to be supplied, they have not agreed a price.

'Milestone'

In August, Russia opened its section of a 625-mile (1,000km) oil pipeline from eastern Siberia to China.

The pipe connects Russian oil fields with Daqing, a major oil production base in northeastern China.

"Both sides believe that the current strategic partnership between China and Russia stands at a new starting point," President Hu said.

"The smooth completion of the pipeline project is a model of the two countries' mutually beneficial win-win cooperation and a milestone for Sino-Russian energy co-operation."

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