China will exchange 6 billion U.S. dollars in exchange for Russian coal

Russian News Agency reported that the Russian Ministry of Energy announced on the 31st that China will provide Russia with 6 billion U.S. dollars for the development of coal mines, but Russia should ensure that it supplies coal to China.

In addition, the funds may be used for the construction of roads and railways, bridges, ports and other infrastructure, as well as the introduction of coal mining equipment from China to Russia, including coal processing and refining equipment, slag recycling equipment.

The Russian Ministry of Energy issued a report saying that the two sides reached an agreement on these issues at the regular meeting of the Russia-China Energy Cooperation Subcommittee of Blagoveshchensk held on the 30th. The meeting was convened by Russian Energy Minister Sergei Shmatko and the Director of the China Energy Administration Zhang Guobao. Representatives of the government departments of the two countries and large energy companies also attended the meeting.

The two sides also agreed at the meeting that Russia will supply at least 15 million tons of coal annually to China in the last five years, and will supply at least 20 million tons of coal each year thereafter.

In addition, Russia and China have reached an agreement on the future development of coal mining in Russia's Amur region. The meeting decided to support the establishment of a Sino-Russian joint venture to develop the Ogoja coal mine in the state and develop the necessary energy and transportation facilities. "China's Shenhua' company has formulated a very rigorous program to develop the mine, including development plans for energy and transportation infrastructure, which is very important for the Amur region," the article quoted him as saying.