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Putin talks energy with Chinese vice premier
June 21, 2013, 11:17 am


Russian President Vladimir Putin (right) meets with Chinese Vice Premier Zhang Gaoli [Xinhua]

China’s vice premier Zhang Gaoli and Russian President Vladimir Putin met during the sidelines of the 17th St Petersburg International Economic Forum (SPIEF).

“China would like to work together with Russia to maximise the potential for bilateral economic cooperation and translate the best ever political relationship into results of practical cooperation,” Zhang said.

Russian oil giant Rosneft’s agreements to supply several hundred million tons of oil to China are worth a total of more than $60 billion, President Putin said Thursday.

“Deliveries to China are expected in volumes calculated on the basis of more than hundreds of millions of tons of oil. In dollar equivalent, this is more than $60 billion,” Putin said during a meeting with premier Zhang.

Meanwhile economists say investment cooperation between China and Russia will see further expansion.

“Russia is preparing for numerous projects, of which we see a considerable sum promising,” said Hu Bing, president of the Russia-China Investment Fund (RCIF) in an interview to a Chinese news agency.

The Russian Direct Investment Fund and China Investment Corporation established the $2 billion RCIF when Putin visited China last June.

Another $1-2 billion will come from third parties.

“Direct trade is not enough to level up the China-Russia relations,” Bing said, “Investments, instead, will strengthen the ties in longer term.”

Moscow will also become China’s biggest energy supplier after Russia’s state-owned oil giant Rosneft announced a new deal to supply $270 billion worth of crude oil to China, the company said on Friday.

Source: Agencies