China, Russia ink oil cooperation agreement

• Source: xinhua
• [16:35 April 21 2009]
• Comments

Chinese and Russian governments signed an oil cooperation agreement here Tuesday, which Chinese Vice Premier Wang Qishan said marked a major breakthrough in bilateral energy cooperation.

"A package of cooperation agreements between Chinese and Russian enterprises will become effective after the signature," Wang told a press briefing after inking the agreement together with visiting Russian Deputy Prime Minister Igor Sechin.

China and Russia signed seven agreements on a package cooperation program for energy resources in February, which included a pipeline construction project, a long-term crude oil trading deal and a financing plan between the China Development Bank and the Russia Oil Pipeline Transport Company.

"With shared efforts of the governments, enterprises and banks of both sides, Sino-Russian energy cooperation has made substantial development since the 13th regular meeting between both prime ministers in last year," Wang said.

Sechin highlighted the agreement, saying it was unprecedented and the bilateral cooperation would be perennial with sound capital guarantee.

Sechin said Russia had started the construction of oil pipelines and the infrastructure construction would be finished in a short time.

"We will provide steady, reliable supply of oil to China," he said.

During their talks Tuesday morning, both sides also discussed cooperation in natural gas, nuclear energy, coal, electric power and equipment manufacture for energy sources development.