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HomeMarket NewsUncategorizedRussia and China signed cooperation in energy sector
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Russia and China signed cooperation in energy sector

Russia China agreementThe two of the BRICS partners Russia and China signed cooperation in energy sector, including cooperation in the gas field. These include a memorandum of gas supplies from Russia to China “western route” framework agreement between Gazprom and the China National Petroleum and Gas Corporation (CNPC), and the Memorandum of Understanding between Gazprom and Rus-Hydro from Russian and China National petroleum Corporation shelf. The deals were signed in the presence of Russian President Vladimir Putin and Chinese counterpart Xi Jinping.

At the meeting, Putin and Jinping are united in the opinion that both parties must adhere to the line of cooperation despite changes in international relations. “Whatever changes are in the international situation, should stick to the line already occupied, to expand and deepen the comprehensive and mutually beneficial cooperation”, said the Chinese leader.

Putin emphasized the importance of cooperation between the two countries. “It is extremely important cooperation between Russia and China to adhere to international law world”, said Putin. Earlier this month, Putin has said that the two countries have “understanding in principle on the question of discovery of the western corridor of gas supply.” “It’s very technical and commercial parameters of the project have already been agreed and serve as a good basis for achieving definitive agreements”, he said on 6th October 2014.

Recall that in May Russia and China signed a 30-year cooperation agreement is energy worth 400 billion USD. Then in September Gazprom started construction of the pipeline “Power of Siberia”, which will have a length of almost 4,000 km and a capacity to transit of 38 billion cub m natural gas to China. The facility will be powered by gas mined near the cities of Irkutsk and Yakutsk. Beijing is expected to start construction of its section in the first half and in 2015, and the work could be completed as early as 2018 direct gas supplies to China are expected to start in 2019.

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