China, Russia sign energy agreements

Source:Xinhua Published: 2014-11-9 23:48:47

China and Russia signed agreements on Sunday to boost their energy cooperation, including a memorandum of understanding (MOU) to develop a second route to supply China with Russian natural gas.

Chinese President Xi Jinping and his Russian counterpart Vladimir Putin witnessed the signing of a series of bilateral cooperation agreements, including an MOU of the China-Russia West Route natural gas pipeline and a framework agreement between China National Petroleum Corporation, China's largest oil and gas producer, and Russia's energy giant Gazprom.

The two countries signed another agreement in May on the China-Russia East Route natural gas pipeline. The 30-year contract will see the pipeline start providing China with 38 billion cubic meters of natural gas annually from 2018.

"The signing of energy agreements between China and Russia is a win-win situation for both countries," said Zhou Dadi, vice director of the China Energy Research Society.

Russia's energy export to Europe is under great pressure due to the impacts of the Ukraine crisis, making it look to the east for solution, said Zhou.

To reduce its reliance on coal, China also needs to import more natural gas, he said.

Strengthening energy cooperation is of great significance to safeguarding the two countries' energy security, the two leaders agreed during their meeting ahead of the Asia-Pacific Economic Cooperation (APEC) Economic Leaders' Meeting slated for Nov. 10-11.

The two countries have seen broader and closer feasible cooperation in new situation, according to the two leaders.

They agreed to push forward the construction of the east route gas pipeline as scheduled, launch the west route at an early date, negotiate major oil projects in an earnest manner, and discuss new cooperation projects of nuclear power and hydropower.

The two leaders also agreed to beef up cooperation in high-speed rail, high technology, aerospace and finance sectors.

Xi has held talks or met with Putin for ten times since he assumed the office of Chinese presidency in March 2013.

Posted in: Diplomacy

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