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Home >> China
UPDATED: 08:33, December 21, 2006
Chinese, Kazakh presidents agree to expand cooperation in oil, gas exploitation
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China and Kazakhstan will expand cooperation in oil and gas exploitation, according to a document signed by Chinese and Kazakh presidents after their meeting Wednesday in Beijing.

In this document titled "China-Kazakhstan Cooperation Strategy for the 21st Century", the two presidents agree to support the oil and gas pipeline construction between the two countries.

The two sides will also work closely on oil and gas processing, building new power facilities and providing electrical power to a third country, the document said.

The document encouraged mutual investment between the two sides, pledging to create favorable conditions for enterprises which invest in industries as oil machinery manufacturing, foodstuffs, and textiles.

The two sides will try to expand their bilateral trade volume to 10 billion U.S. dollars in 2010 and to 15 billion U.S. dollars in 2015, according to the document.

It said the two countries will diversify the structure of exports and achieve balanced two-way trade.

The two presidents also agreed to promote cooperation in financial and banking fields.

China and Kazakhstan will facilitate their domestic banks to conduct financial services in each other's financial markets, said the document, which also encouraged banks from the two countries to establish partnership.

In railway transportation, it said both sides will boost the volume of rail freight and explore new railway route between the two countries.

They will also simplify formalities in customs and take practical measures in addressing problems remaining in customs and import-export inspections.

The two countries also agreed to enhance regional economic cooperation within the framework of the Shanghai Cooperation Organization in the document.

Exchanges between experts and personnel in the field of science and technology were encouraged so as to bring real benefits to the two countries, the document said.

Source: Xinhua

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