China and Russia reach consensus on oil supplies

China and Russia have reached an important consensus on boosting oil trade, Vice Premier Wang Qishan said Monday. Wang made the remarks after holding talks with his Russian counterpart Arkady Dvorkovich at the Great Hall of the People. "The two sides have reached an important consensus to expand the trade of oil, marking major progress for China-Russia energy cooperation," Wang said, urging government agencies on both sides to hasten negotiations and ink an inter-governmental deal at an early date. During the talks, Wang said the Chinese and Russian governments endorsed their respective enterprises' negotiations on gas supplies to be delivered via an east pipeline, with Russia set to deliver 38 billion cubic meters of gas each year to China. The two sides will continue feasibility research on liquefied natural gas (LNG) cooperation using the east line, as well as gas to be supplied via a west line, Wang said. Priority will be given to gas-related projects in bilateral energy cooperation, Dvorkovich said, adding that he hopes the pipeline project and the LNG east line project will be pushed forward at the same time. The two sides also pledged to boost cooperation in nuclear energy, electricity, coal and renewable energy. "Energy cooperation constitutes an important part of the comprehensive strategic partnership of coordination between China and Russia," Wang said. Closer energy cooperation is of strategic significance for the two countries and goes in the fundamental interests of the people of the two countries, Wang said. Energy cooperation has demonstrated the spirit of the comprehensive strategic partnership of coordination between the two countries,Dvorkovich said.