Energy cooperation between China, Russia promising: report

08:27, July 07, 2010      

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China and Russia have made good progress in energy cooperation and future prospects are promising, a yellow paper released in Beijing Monday said.

The yellow paper, named "Report on Development of Shanghai Cooperation Organization (2010)" was issued by the Institute of Russian, East European and Central Asian Studies affiliated to the Chinese Academy of Social Sciences.

China and Russia had achieved progress in some major cooperation projects in 2009 which the two countries have been negotiating for some time, the report said.

The two countries reached a bilateral loan-for-oil deal in February 2009, under which China offers Russia 25 billion U.S. dollars of long-term loan and Russia will supply a total of 300 million tonnes of crude oil through pipelines to China from 2011 to 2030.

Cooperation between the two countries in the oil industry has entered a new phase of long-term strategic cooperation with the commencement of the construction of the crude oil pipeline that will eventually stretch from one country to the other, the report said.

The yellow paper also noted that Chinese enterprises had invested over one billion U.S. dollars in the coal industry in Russia, and Russia had provided China with more than one million tonnes of coal.

The two countries had also reached an agreement on the cost of the second phase construction of the Tianwan Nuclear Power Station, which is the largest ever economic cooperation project between the two countries, the report said.



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