China to Offer $6 B Loans to Russia for Coal Imports
09.09.2010 (12:17)
China signed an energy cooperation agreement with Russia to offer $6 billion in loans in exchange for coal imports, reports 21th Century Business Herald, citing cctd.com.cn.According to the agreement, China will import 15 million tons of coal annually from Russia over the next five years, and then 20 million tons annually for 20 years following the initial five-year period.
In exchange for coal imports, China will supply Russia with $6 billion in loans to finance resource exploration projects, railway construction and mining machinery purchases.
The National Energy Administration's deputy director, Wu Yin said China produces 45 percent of the world’s coal, but energy demands are growing faster than its production capacity.
China became a net coal importer with imports totaling 103 million tons in 2009.
Data from National Bureau of Statistics showed China primarily imported coal from Australia, Indonesia, Vietnam, Mongolia and Russia in 2009.
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