Over 40 contracts closed during Putin’s visit to China.

By bne IntelliNews May 22, 2014

The two-day visit of Russia’s president Vladimir Putin to China led to the closing of over 40 deals in various industries. Notably, Russia’s natural gas giant Gazprom closed with China National Petroleum Corporation (CNPC).  Also, Russia’s largest oil company Rosneft advanced negotiations on oil refinery development, for which the company will be the main supplier of crude oil.

Russian petrochemical major Sibur and Chinese oil and gas company Sinopec are going to establish a 25.1%/74.9% joint venture on synthetic rubber production in Shanghai using Sibur’s technologies.

Russia’s development bank VneshEkonomBank (VEB) agreed with the Chinese exports-imports ExIm Bank to jointly finance the development of Russian Elga coal mine for USD 500mn. The mine is currently operated by one of the most indebted Russian miners Mechel, which has postponed the development of the mine several times.

Russian Railways and Chinese Railways have signed a strategic cooperation memorandum on the development of joint infrastructure and facilitation of cargo turnover and capacity. Among other industries that have closed deals in China were automotive, aviation, construction, construction materials, tourism, and others.

Analysts and economists surveyed by gazeta.ru on the issue grade Putin's visit a success in terms of economic cooperation with China. Notably, it includes a wide range of industries, which supports recent drive of Russian authorities to re-orient foreign trade flows towards  Asia.

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