Tuesday, April 21, 2009

Oil: China, Russia ink oil pipeline agreements

China and Russia signed a multi-billion dollar deal Tuesday, bringing into play a series of agreements on constructing an oil pipeline and supplying fuel to Chinese markets, state media reported, cited by AFP.

The oil cooperation pact was signed by Chinese Vice Premier Wang Qishan and Russian Deputy Prime Minister Igor Sechin, according to China National Radio's website.

"(Following this pact) a series of agreements between companies on pipeline construction, crude oil trade, loans and other projects will become immediately effective," the radio station quoted Wang as saying.

"This signifies a huge breakthrough in realising energy cooperation between the two nations."

Source: FOCUS Information Agency
Published by Mike Hitchen, Mike Hitchen Consulting
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