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News // Oil and gas worldwide

Russia and China Cooperate on Oil Areas

27 October 2008 , 09:53Jo Amey527
With a history of setting up joint ventures, Russia and China plan to sign a memorandum of cooperation on oil areas. Deputy Prime Minister Igor Sechin stated this at another round of talks as a part of an energy dialogue between the two countries in Moscow.

A project has been worked out to construct a branch of the East Siberia-Pacific Ocean pipeline. The main pipeline is designed to supply Russian oil to the markets of the Asia-Pacific region. Consultations are now underway to establish cooperation in gas, electricity and nuclear energy areas.

The Chinese Deputy Prime Minister Wang Qishan said that the strengthening bilateral relations had been quite important on a background against the global financial crisis. He emphasized that China would give priority to relations with Russia in its foreign policy.

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