China, Russia agree on energy cooperation

China, Russia agree on energy cooperation

2010-11-24 00:11:22 GMT+7 (ICT)

ST. PETERSBURG, RUSSIA (BNO NEWS) -- China and Russia on Tuesday agreed to a number of cooperation agreements, which include oil, gas, coal and nuclear energy.

On Tuesday, Russian Prime Minister Vladimir Putin met with his Chinese counterpart Wen Jiabao in St. Petersburg, Russia, where they discussed cooperation in trade, energy, finance and cultural fields, as well as strengthened strategic coordination.

Both countries have been negotiating gas prices since 2004. While China looks to improve its price, Russia has maintained gas costs at the same rate it charges European countries. Furthermore, as Russia has remained the world's largest energy producer, China's growing economy is being seen as a great market, which will likely continue its fast growth in the coming decades.

In addition, Russia's nuclear power plant builder, ZAO Atomstroyexport, has already signed a contract to construct a third and fourth nuclear reactor at China's Tianwan complex.

Wen, who arrived on Monday, is scheduled to meet Russian President Dmitry Medvedev on Wednesday in Moscow.

Both countries signed a document outlining the general terms of Russia's gas supplies to China in September, but an export contract is not expected to be signed mid-2011.

According to state-run media Xinhua news agency, the countries' bilateral trade is likely to surpass the $50 billion mark this year.

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