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China, Russia to work on energy security: Hu

Chinese President Hu Jintao emphasised on Sino-Russian energy cooperation to stabilise the world petroleum market.

india Updated: Mar 22, 2006 13:43 IST

A day after signing three key bilateral energy agreements with Russia, Chinese President Hu Jintao on Wednesday said that closer Sino-Russian cooperation in the hydrocarbon sector could stabilise the world petroleum market.

Cooperation in the field of energy and natural resources between Russia and China has "great potential" and "enjoys broad prospects"; Hu said addressing a high-level Sino-Russian economic forum also attended by visiting Russian President Vladimir Putin.

Hu urged the two sides to proceed keeping long-term perspectives in mind and heed the other's interests when carrying out energy cooperation.

Such mutually beneficial cooperation should boost economic development of both countries while maintaining stability in the international market, he said.

Hu also urged the two sides to shift cooperation pattern from the current trade-centred mode to one focusing on production and processing.

Speaking on the occasion, Putin said oil and gas enterprises of the two countries have agreed to study the possibility of building a branch pipeline from Russia's oil- rich Siberia to China.

With the implementation of the project, "the crude oil supply to China will definitely see an increase," he said.

China and Russia on Tuesday inked three deals on oil and natural gas cooperation following the talks between Hu and Putin.

The three documents include a principled agreement between China National Petroleum Corporation (CNPC) and Russian oil company Rosneft for forming joint ventures on oil cooperation.

First Published: Mar 22, 2006 13:43 IST