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China and Russia broaden energy cooperation

By Li Xing (chinadaily.com.cn)
Updated: 2009-06-17 22:02

China and Russia signed a series of new agreements to broaden their collaborations in trade, investment and mining, including the framework on $700 million loan between Export-Import Bank of China and Russian Bank of Foreign Trade.

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Memorandums on bilateral gas and coal cooperation are likely to lead the two countries' energy links to cover all the main sectors, from coal, oil, electricity, gas to nuclear power.

During his meeting with Medvedev, Hu said he believed the broadened energy cooperation, especially in the sphere of renewable and new energy, would become new engines to drive the two countries' strategic partnership of cooperation.

Agreeing with Hu, Medvedev said that he hoped the two countries will also increase their joint projects in science and technology, agriculture, telecommunications and border trade.

The Ministry of Commerce and Russian Federation Economic Development Ministry also signed a memorandum on trade and cooperation in mechanical and electrical products.