Putin, Xi hold talks in Shanghai
May 20, 2014, 1:11 pm

Russian President Vladimir Putin met Chinese President Xi Jinping before the fourth Conference on Interaction and Confidence Building Measures in Asia (CICA) summit in Shanghai May 20, 2014 [PPIO]

Putin said in Shanghai that “significant progress” had been made in the decade-long $400 billion gas supply agreement talks between Russia and China.

“I am glad to be informed that the two sides have made significant progress in the price negotiation of the east-route of the natural gas project,” Putin said during official talks with Xi.

Russia wants to reach a deal with China at an early date, he added. Over the past years, talks have stalled over price.

Meanwhile, head of Russia’s state gas company Gazprom Alexei Miller said in a statement said talks are still ongoing.

“Talks are ongoing without interruption, both sides are looking for compromise. The contract could be signed on the basis of mutual benefit,” Miller said.

The two allies have vowed to beef up cooperation in a wide range of fields, including finance, trade, energy and transportation infrastructure. More bilateral agreements will be inked tomorrow according to officials.

According to a joint statement, the two neighbors will “establish the comprehensive energy cooperation partnership”.

In the oil sector, they will deepen “a package of cooperation” and start Russia’s gas supply to China as soon as possible,” the document said.

It also said that the two sides will enhance cooperation in the coal sector by joint exploration of mines and developing a transportation infrastructure in Russia.

The two countries will speed up the construction of cross-border transportation infrastructure, including bridges on cross-border rivers, and Russia will facilitate China’s goods shipment using its railway networks, ports and through the Northern Sea route, said the statement.

The joint statement on Tuesday also stated that Russia and China stand strongly behind the six-party talks on the Korean Peninsula’s nuclear standoff and associated political and military tensions.

Both countries said the six-party talks are the “only pragmatic and effective solution to the Korean Peninsula nuclear issue”.

Putin, who is in China for a state visit, will also attend the fourth Summit of the Conference on Interaction and Confidence Building Measures in Asia, which is scheduled to be held in Shanghai on Tuesday and Wednesday.

TBP and Agencies