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Russia 6 billion agreement to develop resources in the Far East

Date:2010-09-10

According to Bloomberg News, the two sides recently in the Russian Far East city of Blagoveshchensk related energy cooperation between the two countries signed the agreement. Agreement, in the next five years, China's annual imports from Russia, at least 15 million tons of coal, followed by 20 years of coal imports will increase to 20 million tons. Russia, China, compared with a total loan of $ 6 billion. Coal accounts for 80 percent of China's power generation and steel main raw material, China recently are looking to expand imports from Mongolia and Australia since resources to meet long-term needs. According to Russian statistics, in 2009, Chinese coal imports from Russia jumped by 15 times, reaching 12.09 million tons, accounting for 10% of China's total energy was off the coast of purchase. The first half of 2010, China's imports from Russia has reached 6 million tons of total coal, Russia became one of China's major coal importer. Coal analyst at Asia Securities Limited (Orient Securities Ltd.,) of Wu Jie said, "China's neighboring countries to promote resource imports has important strategic significance to ensure energy security of supply. Taking into account only moderate growth, and the purchase agreement will not cause a big impact on the Chinese domestic market and the price of coal. "According to the company's customer data shows that in 2009, China's imports from neighboring Russia coal price of $ 87 per ton, per ton of coal imported from Australia, will have $ 111 . For China, Russia has become since then Australia, Indonesia, Vietnam's fourth largest coal supplier. The agreement also involves the two sides will cooperate to establish a joint venture to develop the coal resources of the Russian Far East Amur River (Heilongjiang) region. Meanwhile, Russia will strengthen cooperation with China Shenhua in prospecting, mineral processing and infrastructure construction.

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