China and Russia on Tuesday signed seven agreements on a package cooperation program for energy resources.
The agreements include a pipeline construction project, a long-term crude oil trading deal and a financing scheme between the China Development Bank and the Russia Oil Pipeline Transport Company, according to a source with the Chinese Foreign Ministry.
Chinese Vice Premier Wang Qishan (R) shakes hands with his Russian counterpart Igor Sechin at the Great Hall of the People in Beijing, capital of China, Feb. 17, 2009. Senior Chinese and Russian officials headed by Wang and Sechin held a high-level energy negotiators' meeting in Beijing on Tuesday. [Yao Dawei/Xinhua]
According to the agreements, the crude oil trading volume is estimated to reach 15 million tons, the source added.
The signing ceremony was witnessed by Chinese Vice Premier Wang Qishan and visiting Russian Deputy Prime Minister Igor Sechin.
During the previous talks held between the two, Wang highlighted that the strengthening of the bilateral energy cooperation between the two sides would help stabilize the two economies.
"We hope the two sides will give a full play to the bilateral energy negotiation mechanism to promote the bilateral energy cooperation to score substantial outcomes," Wang told Sechin.
The Russian deputy prime minister agreed with Wang's views, calling on the two countries to step up cooperation in such fields as energy and finance and make joint efforts to guarantee the contracted projects be implemented according to the agreed roadmap and schedule.
The two sides also agreed that the bilateral energy cooperation already scored a "substantial step forward".