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Crude oil imports from Russia rise

(Xinhua)
Updated: 2006-08-08 10:54

China is expected to import 15 million tons of crude oil from Russia this year, predicted Vice Minister of Commerce Yu Guangzhou in Beijing on Monday.

Last year, China imported 12.78 million tons of crude oil from Russia, accounting for 10.1 percent of its total imports.
Energy resources are key to bilateral trade and economic cooperation between China and Russia, said Yu during an on-line chat with netizens of the Xinhuanet.com.

A new pipeline that will carry 30 million tons of crude oil a year is currently being studied. It would be 1,030 kilometers long and only 70 kilometers of it are in Russia.

Yu says that China's goal of investing 12 billion U.S. dollars in Russia by 2020 will be realized.

He said China had invested in 700 programs in Russia at the end of July with contracted capital of 1.34 billion U.S. dollars. Russia has launched 1,912 companies in China with a contract value of 1.52 billion U.S. dollars and actual investment 570 million U.S. dollars.

China would continue to support Russia's application for entry in the World Trade Organization (WTO), said Yu, adding that it would create better conditions for bilateral cooperation with China.