On the second day of the Eastern Economic Forum in Vladivostok, President Vladimir Putin will meet today with Chinese Vice
On the second day of the Eastern Economic Forum in Vladivostok, President Vladimir Putin will meet today with Chinese Vice Premier Hu Chunhua to finalise a gas deal between energy giants Sibur, Sinopec and Gazprom.
The deal would increase the capacity and supply of a liquid petroleum gas plant in Amur, which is located along the border between China and Russia.
As the United States continues to ratchet up economic pressure on Russia and China, both governments are likely to increase economic cooperation—something President Putin expressly encouraged in the last few months.
Indeed, today’s deal is an example of such a push—the Chinese state-owned energy giant Sinopec bought a 10% ownership stake in the Russian gas firm Sibur in June of 2019
The agreement also functions as a future avenue for China and Russia to continue being each other’s main source of oil and energy assets for cash, further bumping down the US and Saudi Arabia as sources for investment and energy.
Wake up smarter with an assessment of the stories that will make headlines in the next 24 hours. Download The Daily Brief.