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Russia, China ink $85 billion oil deal
October 22, 2013, 5:05 pm

China and Russia also agreed to jointly construct an oil refinery in Tianjin [Xinhua]

China and Russia also agreed to jointly construct an oil refinery in Tianjin [Xinhua]

Moscow and Beijing signed 21 trade agreements on Tuesday, including a new 100 million metric ton oil supply deal with China’s Sinopec during a state visit by Russian Prime Minister Dmitry Medvedev.

“The collaboration in the energy field is key to bilateral cooperation. I hope the deals we signed today can be implemented in an orderly way and those deals that are still under negotiation, such as natural gas deals, can reach an agreement very soon,” Medvedev said in Beijing at the signing of the $85 billion deal to deliver oil to China.

Russia is looking eastwards for energy exports due to the slowing demand from Europe.

China and Russia also agreed to jointly construct an oil refinery in Tianjin.

Chinese oil imports from Russia reached 170 million barrels last year.

Chinese President Xi Jinping on Tuesday told Medvedev that China and Russia had upheld “justice” and safeguarded “common interests” by their strategic cooperation in global and regional affairs.

“Both countries should continue to enhance strategic coordination, maintain the authority of the United Nations and its Security Council, safeguard the purposes and principles of the UN Charter and the basic norms governing international relations, in a bid to jointly promote world peace, stability and development,” said President Xi.

The two nations shared common concerns over western threats of military intervention in Syria and backed a diplomatic solution to the Iranian nuclear crisis.

China is also set to invest $20 billion in Russian infrastructure projects including highways, ports, and airports.

“We can even reach 150 billion, 200 billion dollars or more,” said Medvedev about the bilateral trade target that the two countries have set for 2015.

Source: Agencies

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