China and Russia sign $15bn of deals

By bne IntelliNews May 2, 2012

Graham Stack in Kyiv -

Chinese companies signed 27 agreements totaling $15bn with Russian partners at a Russian-Chinese forum April 29. The largest projects will focus on Siberia and Russia's Far East.

Metals and mining oligarch Oleg Deripaska and Zhang Guoqing, president of China North Industries Corporation, signed a framework deal on strategic cooperation in the engineering, mining and metal sectors, with the value of the agreement to reach over $1bn by 2015. Deipaska's aluminum giant Rusal will expand export of aluminum products to China through sales to North United Aluminum (Shenzhen) Co. Ltd, a joint venture company established by the partners in China, according to a press release.

The largest three other deals were between Russia's Eastern Energy Company and China's State Electric Grid Corporation for long-term supply of electricity, AFK Sistema and ZTE on setting up a joint venture in China, and Gazprombank and China's Export-Import bank on a credit line, according to Vedomosti.

First deputy prime minister Igor Shuvalov said that the Russian Direct Investment Fund and the Chinese Investment Corporation will complete setting up a joint $4bn investment fund by the end of June, according to Interfax.

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