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Russian Prime Minister begins official visit to China

October 22, 2013, 8:51 UTC+3
Dmitry Medvedev hopes that the Russian-Chinese agreements on natural gas will soon take shape in specific documents
1 pages in this article
Photo EPA/KOTA ENDO / POOL

Photo EPA/KOTA ENDO / POOL

BEIJING, October 22 (Itar-Tass) - The official visit of Russian Prime Minister Dmitry Medvedev to China has begun in Beijing. The official welcoming ceremony of the Russian government head by Premier of the Chinese State Council Li Keqiang was held in the Great Hall of the People in Beijing.

With gun salute and to the Russian and Chinese nation anthems Medvedev and Li Keqiang welcomed the two states’ delegations and walked along the guard of honor.

During the visit to China, Medvedev will take part in the 18th regular meeting of the Russian and Chinese government heads and will also meet with Chinese President Xi Jinping.

Russian-Chinese gas agreements

Dmitry Medvedev hopes that the Russian-Chinese agreements on natural gas will soon take shape in specific documents.

“Today, we have discussed issues of cooperation in the oil and gas sphere. I hope that all the documents that have been signed today will be executed, and the agreements we are trying to reach, in particular, gas agreements, will very soon take shape in documents,” the RF prime minister after signing joint documents during an official visit to China.

A package of 21 documents has been signed within the framework of Medvedev’s visit to China. In particular, Russia’s NOVATEK and China National Petroleum Corporation (CNPC) signed the framework conditions of the Agreement on the purchase and sale of liquefied natural gas (LNG) between JSC Yamal-LNG and PetroChina International.

The Yamal-LNG project envisages the construction of an LNG plant in Yamal with the capacity of more than 15 million tonnes per year on the resource base of the South-Tambeyskoye gas field, the license for the development of which belongs to NOVATEK, as well as the building of an ice-class fleet. The proven and probable gas reserves of the field as of the end of 2011, according to PRMS standards, reach 879 billion cubic meters. The project implementation involves the creation of transport infrastructure, including a seaport and an airport, near the Sabetta village (northeast of the Yamal Peninsula). The cost of the project is estimated at $20 billion, taking into account the development of the South-Tambeyskoye field.

The agreement on the acquisition of a 20% stake in the authorized capital of Yamal-LNG by China National Petroleum Corporation was signed at the St. Petersburg International Economic Forum in June. The document provides for a long-term contract on the supply to the Chinese side of at least 3 million tonnes of liquefied natural gas per year and contains the condition that CNPC would actively attract external funding for the project from Chinese financial institutions.

Medvedev, Li sure Russia-China trade to exceed $100 billion by 2015

“The global economic situation remained difficult and we stated that at the beginning of the year we registered a declining trade, but we managed to overcome this downward trend and the trade volume equalized,” Medvedev said on Tuesday, adding that this proved that Russian-Chinese relations had a vast potential.

“We have already mentioned this before and I believe that $100 billion and $200 billion are quite achievable figures even in the conditions of rather difficult economic environment,” Medvedev said, adding that not only the government, but also business structures engaged to fulfill this task.

Li Keqiang confirmed that the two countries managed to overcome a downward trend and registered an increase in trade for the first time over the past three quarters.

“We should ensure further growth in trade and investments,” Li said. “We are confident that by 2015 we will be able not only to take the trade to $100 billion, but even higher to $200 billion and $300 billion.”

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