Economy

Russia, China approve business initiatives worth $50bn during Putin visit

Beijing, 26 June – A Russian-Chinese commission on investment cooperation has selected nearly 60 business initiatives to be put in the works, Russia’s President Vladimir Putin announced on Saturday during an official visit to Beijing.

“Fifty-eight various business initiatives with the total volume of investments being $50 billion, have been selected,” Putin told journalists in the Chinese capital. Twelve of the projects are already being implemented, he added.

Putin is accompanied by a number of top officials and companies’ heads on the trip. The head of the Kremlin Administration Sergey Ivanov, five deputy prime-ministers and several ministers, as well as the heads of Rosneft and Gazprom oil and gas companies, all went to China. Some 50 documents were expected to be signed during the visit, with Putin meeting not only President Xi Jinping, but also other top Chinese officials.

A number of energy deals have been secured between the two nations, including agreements on selling of stakes in several Russian projects to Chinese companies. Russia’s top oil producer, Rosneft agreed with China National Chemical Corporation (ChemChina) that the Chinese firm would take a 40 percent stake in Rosneft’s planned petrochemical complex in Russia’s Far East.

An oil supply contract, under which Russia could deliver up to 2.4 million ton of crude oil to ChemChina in a year’s time, has also been agreed upon.

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