Xi, Putin meet in Beijing, 17 agreements signed
November 9, 2014, 1:41 pm

Putin (left) presented Chinese President Xi Jinping (center) with a Russian smartphone– a Yotaphone-2, with Russian, Chinese and APEC symbols uploaded for the occasion [PPIO]

The deals inked today include an agreement on the delivery of Russian natural gas to China via the western route, securing the world’s top energy user a major source of cleaner fuel. The western route refers to gas supplies to China from Russian fields in West Siberia.

The route to supply gas to China via the western route may be implemented faster than the eastern route, through which Moscow agreed to ship the fuel to its Asian neighbor in May, according to Gazprom’s CEO Alexei Miller.

Putin, during Sunday’s meet, also lauded Russia-China ties as key to maintaining stability in the world.

“Cooperation between Russia and China is extremely important for keeping the world in line with the international law, making it [the world] more stable,” Putin said during his meet with Xi.

Russian state oil giant Rosneft and Chinese oil major CNPC also signed an agreement on Sunday to sell 10 per cent of shares in Rosneft’s subsidiary Vankorneft to China National Oil and Gas Exploration and Development.

Ties between the two allies “represent an irreversible trend” Xi said on Sunday.

“No matter how the international landscape shifts, we must insist on giving priority to the development of Sino-Russian ties in our diplomatic endeavors, constantly boost political and strategic mutual trust, and keep expanding and deepening comprehensive cooperation,” said the Chinese President.

Xi and Putin also agreed to step up cooperation in high-speed rail, technology, aerospace and finance sectors.

Sunday was Xi’s tenth meeting with Putin since he assumed the office of Chinese presidency in March 2013.

Russia and China also signed agreements on “implementing joint energy investment projects in Arkhangelsk Region, on the joint funding, construction and operation of a hydro power station in the Far East of Russia and on cooperation in the construction of hydro-accumulating power stations,” said a Kremlin statement.

Sberbank of Russia also signed an agreement with the Export-Import Bank of China regarding credit lines and purchasing loans, while VTB Bank signed a cooperation agreement with China’s telecom giant Huawei Technologies.

In Sunday’s meet, Putin noted that bilateral trade turnover went up by 1.3 per cent in 2013. In the first nine months of this year it has increased by 7 per cent as Russia increases it economic engagement with China while battling Western sanctions over the Ukraine crisis.

Putin and Xi also “discussed their respective countries’ positions on the main issues on the agendas for the upcoming APEC and G20 summits” said a Kremlin statement.

“I would also like to note the importance of cooperation between the People’s Republic of China and the Russian Federation for retaining the world within the international legal framework, for making it more stable and predictable. You and I have done a great deal for this purpose and I am certain we will continue working in this direction,” said Putin.

The two Presidents also announced on Sunday that China and Russia will jointly celebrate the 70th anniversary of the victory of World War II next year.

Putin is in Beijing to attend the APEC Economic Leaders’ Meeting (AELM) that will be held on Monday and Tuesday and will be attended by world leaders from 21 nations, including US President Barack Obama.

TBP