China an increasingly important energy partner of Russia: Russian expert

11:19, February 05, 2010      

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China is becoming an increasingly important energy partner of Russia, and energy cooperation between the two nations has broad prospects, a Russian energy expert said Thursday.

Russia and China are complementary in the energy field, said Tatiana Mitrova, a researcher with the Energy Research Institute of the Russian Academy of Sciences.

The large-scale oil projects implemented by the two countries are conducive to natural gas cooperation as well, she told Xinhua.

For Russia, the Eastern market weighs as much as the European market, while China outperforms others on the Eastern market with its fast-growing economy and great demand for energy, she said.

Russia pins high hopes on the Chinese market, she added.

Under an oil-for-loan agreement signed last February, China will grant Russia a loan of 25 billion U.S. dollars for a term of 20 years in exchange of 15 million tons of Russian oil deliveries annually within the next two decades.

According to a framework agreement signed last October between the Russian state gas monopoly Gazprom and China National Petroleum Corp., Russia will ship 70 billion cubic meters of gas to China via two pipelines every year.

Source:Xinhua
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