China, Russia sign agreement on gas supply

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Russian gas corporation, Gazprom, has signed a preliminary agreement on gas exports with China National Petroleum Corp, or CNPC. Chinese Premier, Wen Jiabao, and Visiting Russian Prime Minister, Vladimir Putin, attended the signing ceremony.

The deal is the biggest bilateral trade agreement ever signed between the two countries. Russia could potentially supply about 70 billion cubic meters of gas per year to China. But the price has not been set nor any contract signed.

Chinese Premier Wen said, "This year marks the 60th anniversary of the establishment of relations between China and Russia and it has significant meaning in the fight against the global financial crisis. Just now, we held the 14th meeting between prime ministers of China and Russia. We held talks on bilateral relations and issues of common concern and reached consensus. 11 documents on cooperation were signed. The meeting was efficient, pragmatic and fruitful."