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Russia, China Sign Deals Worth $800 Million

Russian Prime Minister Mikhail Fradkov (left) with his Chinese counterpart Wen Jiabao (epa) November 9, 2006 -- China and Russia today signed eight contracts worth a reported $800 million, in areas such as mining, trade, energy, vehicle production, and infrastructure.

Chinese Deputy Prime Minister Wu Yi said the agreements should help boost bilateral trade to up to $80 billion by 2010, more than double the 2005 figure.

The chief of the Russian oil company Rosneft said his company and China's National Petroleum Corporation (CNPC) will build a refinery in China. Sergei Bogdanchikov said Rosneft and CNPC also plan to create a joint venture to produce oil in Russia.

The agreements were announced at the start of a two-day visit to China by Russian Prime Minister Mikhail Fradkov.

Fradkov is to meet Chinese Prime Minister Wen Jiabao later on November 9. Fradkov's talks with Chinese officials are expected to be dominated by energy cooperation.

(dpa, AP)