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Thursday, April 30, 2009

Russia and China to 25 billion U.S. dollars of hires to Russian oil to repay the hire

By Zou Frbiz

Yesterday, Chinese Vice Premier Wang Qishan at the Great Hall of the People with the Russian Deputy Prime Minister XIE Qin Sino-Russian energy talks, held their fourth meeting, the two sides signed the Sino-Russian cooperation in the field of oil intergovernmental agreement, which marks this year, China and Russia initialed in February of pipeline construction, crude oil trade, loans, package of cooperation agreements come into effect.

According to accounts, in agreement with the two edges marked the affirmation, Russia will supply China a total of 25 billion U.S. dollars of long-term borrowings, to take a repaired interest rate of about 6%; Russia with oil for mortgages, borrowings to the oil provide from 2011 to 2030 In agreement with the 15 million tons a year the dimensions of the provide by pipeline to China totaled 300 million tons of oil, the cost of oil to the Russian oil transported to the dock as the groundwork cost, with the market the market. At present, Russia to China every year by rail transport from the oil provide affirmation, and expanded to 15 million tons.

Since the starting of this year, China and applicable nations have marked several "loans-for-oil" of the collaboration agreement: February 18, and Brazil marked a 10 billion U.S. dollars of loans-for-oil agreement; February 21, with the marking of four billion U.S. dollars of Venezuela's loans-for-oil agreement; March 13, and Angola marked a one billion U.S. dollars of loans-for-oil agreement; April 5, Ecuador, President Correa broadcast that China and Ecuador are anticipated to signal a one billion U.S. dollars of the lend affirmation, the future Ecuador to supply the provide of crude oil will be the pattern of reimbursement.

Analysts have spiky out that the prolonged term, "loans-for-oil" to continue regional stability and energy protection, transform the regional reply to the International Energy complex situations. - 21392

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