Deals pave way for closer Sino-Russian links
By Hu Qihua (China Daily)
Updated: 2005-07-02 01:30

MOSCOW: China and Russia on Friday signed bilateral deals on energy, electricity and finance, paving the way for increased "mutually advantageous" co-operation.

President Hu Jintao talks with Russian President Vladimir Putin as they meets in Moscow, July 1, 2005. [Xinhua]

"I'm pleased with the success that we achieved in various fields," said visiting President Hu Jintao, after nearly two-hours of talks with his Russian counterpart Vladimir Putin.

A protocol was signed on an oil-field co-operation between Russia's Rosneft oil company and the China National Petrochemical Corporation (Sinopec), together with a framework agreement on long-term co-operation between the Russian firm and China National Petroleum Corporation (CNPC).

CNPC President Chen Geng said the agreement with Rosneft covers technology and information exchanges.

"Both sides are confident that in 2006, Russia's promised oil deliveries of 15 million tons will be achieved," he said.

Sinopec President Chen Tonghai told China Daily that the agreement, the first of its kind between the two sides, marks a good start for the two companies on oil and gas exploration.

According to the protocol, the companies will discuss the possibility of joint exploration of a 5,300 square kilometre oil field in the Far East.

Chen also refuted claims that China's energy policy is "too aggressive" saying the country is just a "late-comer" to overseas energy co-operation.