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Feb. 18 – China and Russia have agreed on an energy cooperation pact that will include building a crude oil pipeline and long-term crude trading and loans.
The deal also comes with a financing scheme between the China Development Bank and Russia’s oil companies. Russia’s top oil operator and producer OAO Rosneft and OAO Transneft is set to split US$25 billion worth of loans from China Development Bank.
Russia in return provide China with an additional supply of 15 million metric tons of crude oil annually.”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,” Chinese Vice Premier Wang Qishan was quoted by Xinhua as saying to Russian Deputy Prime Minister Igor Sechin.
Last year, bilateral trade amounted to US$56.8 billion, an increase of 18 percent from the previous year although it was a steep decline from 2007′s 44.3 percent growth rate.
As a U.S. citizen I’am very concern about global warming and feel China is not putting C02 emissions at the top of there priorty list.. This deal with Russia is on the wrong path to lower China’s carbon footprint. Not to mention the threat that a closer allegiance with Russia poises to the US. We do not forget China is still a communist country!!