Russia, China sign energy deal

BEIJING: Russian President Dmitry Medvedev on Monday signed a series of political and commercial deals on his second state visit to China, a sign of closer strategic ties between the two world powers.

Mr. Medvedev held talks with his Chinese counterpart, Hu Jintao, on Monday.

Gas pipeline

They celebrated the completion of a long-awaited China-Russia oil pipeline, the largest bilateral project.

The 999-km pipeline runs from Angarsk in Russia to Daqing in northeast China. It is part of a bilateral loan-for-oil deal reached in 2009.

Under it, China makes a $25-billion long-term loan to Russia while Russia supplies China with 300 million tonnes of oil through pipelines from 2011 until 2030.

“The smooth completion of the pipeline project is a model for the two countries' mutually beneficial win-win cooperation and a milestone for China-Russia energy cooperation,” said Mr. Hu at the completion ceremony.

The two countries also signed 15 deals on cooperation covering coal, gas supply, energy efficiency, renewable energy, nuclear power, power grids and banking.

The Medvedev-Hu meeting in Beijing was their fifth this year. Mr. Medvedev also met top legislator Wu Bangguo and Premier Wen Jiabao on Monday. — Xinhua