Moscow, Beijing Crystalize Economic Cooperation

Local Editor

In an attempt to strengthen its economic, military and political cooperation with Asian countries as Syria, Iran and , Russia signed a long-awaited oil agreement with China.

Hours earlier, an economic cooperation has been crystallized between Moscow and Beijing, by signing a $400-billion gas supply deal in Shanghai between state-controlled entities Gazprom and China National Petroleum Corp [CNPC].

The agreement will open a new market for Moscow as it risks losing European customers over the Ukraine crisis, registering a political triumph for Russia President Vladimir Putin.
"This is the biggest contract in the history of the gas sector of the former USSR," said Putin. He noted that talks went on until 4 a.m., describing the Chinese partners as "difficult and hard negotiators."

He added "Through mutual compromise we managed to reach not only acceptable, but rather satisfactory, terms on this contract for both sides. Both sides were in the end pleased by the compromise reached on price and other terms."

The gas will be transported along a new pipeline linking Siberian gas fields to China's main consumption centers near its coast. Russia will begin delivering from 2018, building up gradually to 38 billion cubic meters a year.

The agreement came in time for a major economic summit in St. Petersburg starting Thursday.

Sources: News Agencies, Edited by website team