China and Russia officials signed an oil cooperation agreement here Tuesday, which Chinese Vice Premier Wang Qishan described as a major breakthrough in bilateral energy cooperation.
The agreement was signed by Wang and Russian Deputy Prime Minister Igor Sechin during the fourth round Sino-Russian energy negotiators' meeting.
The document meant cooperation agreements between Chinese and Russian companies could take effect, Wang told reporters.
China and Russia signed seven energy cooperation agreements in February, which included a pipeline construction project, a long-term crude oil trading deal and a financing plan between the China Development Bank and the Russia Oil Pipeline Transport Company.
"With shared efforts of the governments, enterprises and banks of both sides, Sino-Russian energy cooperation has made substantial progress" since both prime ministers held their 13th regular meeting last year, Wang said.
During the negotiators' meeting, Wang said energy cooperation was an important component of Sino-Russian strategic cooperation. It was also especially significant given the global economic downturn, as it showed the countries' willingness to work together for solutions, Wang said.
Sechin said the agreement was unprecedented and bilateral cooperation would be permanent, with sound capital guarantees. "Sino-Russian energy cooperation is systematic, comprehensive and long term, and in accordance with the fundamental interests of the two countries," said Sechin.
Russia had started building the pipeline and infrastructure construction would soon be finished, Sechin said. "We will provide steady, reliable supplies of oil to China," he said.
Tuesday's talks also covered cooperation in natural gas, nuclear energy, coal, electric power and the production of equipment for energy development.
(Xinhua News Agency April 21, 2009)
