Energy

China creates market for Russia energy exports

(Xinhua)
Updated: 2011-06-02 14:14

KAZAN -- China's rapid economic growth creates a huge market for Russia's energy exports, said Chinese Vice-Premier Wang Qishan on Wednesday.

Economic development needs energy while energy exports have to look for markets, said Wang while visiting an oil field in Russia's Udermurt Republic on Wednesday.

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Wang started his visit to Russia on Monday and attended the seventh round of the Sino-Russian energy negotiators' meeting.

Russia, which is rich in energy resources and enjoys advantages in such sectors as oil and gas exploration and extraction, as well as chemical industry, could be China's secure, long-term and reliable energy supplier, Wang said.

The vice-premier hailed China-Russia oil cooperation, noting that the joint adventure set up by Sinopec, China's oil giant, and Russia's Rosneft since 2006 has not only benefited the local people, but also China's companies.

Also on Wednesday, Wang met Rustam Minnikhanov, president of Russia's Tatarstan Republic.

During his stay in Russia, Wang also met with Russian Prime Minister Vladimir Putin in Moscow. After the meeting, the two nations signed a document on gas cooperation.