Putin visits China: Secures energy deals for Russia

  • Russian President Vladimir Putin’s visit to China has been strategically important for both the countries. Chinese President Xi Jinping with Russian counterpart Putin sealed a raft of energy deals on Saturday, strengthening economic ties while promising to preserve the strategic balance of power among nations. The deal between the two countries includes agreement between Rosneft, Russia’s top oil producer and China National Chemical Corporation (Chemchina) for 40 percent stake by Chem China in Rosneft’s planned petrochemical complex VNHK in Russia Far East. One year contract for supply of 2.4 million tons of crude oil was also signed between both the nations. Both the countries’ Central Banks also signed MOU on setting up a Yuan clearing mechanism in Russia to bring improvement in cross border trade and investment. Apart from economic cooperation in focus, leaders also agreed to strengthen the global strategic stability.