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Major energy deal agreed

By Ding Qingfen and Du Juan (China Daily)

08:43, February 26, 2013

Vice-Premier Wang Qishan meets his Russian counterpart, Deputy Prime Minister Arkady Dvorkovich, at the Great Hall of the People in Beijing on Monday. They held talks on energy cooperation between the two countries. (WU ZHIYI / CHINA DAILY)

Russia set to supply natural gas in act of 'strategic' cooperation

In a perfect demand and supply arrangement, energy-rich Russia agreed to provide an annual supply of 38 billion cubic meters of natural gas to energy-thirsty China.

The deal was struck during a high-level meeting in Beijing on Monday and comes ahead of an expected visit by Party leader Xi Jinping to Moscow after the National People's Congress in early March.

Gas was not the only energy source discussed by the two countries. A consensus on cooperation regarding oil, nuclear and coal was also reached.

"China and Russia need each other in energy cooperation, and they have their own advantages in resources, markets and technology," said Vice-Premier Wang Qishan during his meeting with the Russian Deputy Prime Minister Arkady Dvorkovich.

"There are complementarities, necessities and possibilities for us to strengthen energy cooperation, and more than that, the cooperation has strategic significance," he said.

Russian officials agreed at the meeting to guarantee the annual supply of natural gas through the east pipeline to China.

And both countries will continue to study the possibility of supplying China with liquefied natural gas through the east pipeline and natural gas through the west pipeline.

Negotiations on increasing oil supplies to the world's largest energy consumer were not finalized, but Wang said the countries should "accelerate consultations and wrap up the agreements''.

The two countries also agreed to advance wide cooperation in the non-traditional energy sectors including nuclear, coal, electric power, renewable energy as well as aluminum.

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