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Foreign ministers from 11 countries met in London to discuss preparations for the Geneva-2 conference.
The Indian PM said political and economic power is being diffused and a multi-polar world is emerging.
The project demonstrates confidence in South Africa as an investment destination, said the president.
The Libra oilfield is poised to become one of the largest oilfields in the world.
The two sides signed nine agreements, including a crucial Border Defence Cooperation agreement.
China and Russia also agreed to jointly construct an oil refinery in Tianjin.
The first batch of riot police from China was sent in September.
The two Chinese firms will each hold a 10 per cent stake in the consortium.
Russia and China have set a bilateral trade target of $100 billion by 2015 and $200 billion by 2020.
A joint statement stressed the importance of developing aspects of multilateral cooperation within BRICS.
