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Presidents Xi Jinping and Putin Announce New Economic Deals

Nov. 9, 2014 (EIRNS)—Meeting on the sidelines of the APEC summit, Presidents Xi Jinping of China and Vladimir Putin of Russia announced the signing of 17 new economic agreements, and their joint commitment to further cooperation, in Putin’s words, "in order to keep the world in the framework of international law, making it more stable."

The two presidents also discussed possible settlements of their deals in China’s yuan currency.

Among the most notable agreements was a memorandum of understanding on the supply of natural gas from Russia to China along what is called the Western Route, which would bring gas from Western Siberia into Xinjiang province. "These documents first of all fix that the western route is a priority project of our gas cooperation," said Gazprom’s CEO Alexei Miller.

Once the western route were complete, it would supply 30 billion cubic meters of gas a year to China, making Russia’s annual delivery to China greater than that now supplied to Europe.

Another significant project agreed upon was a joint venture for the organization, financing, construction, and use of flood-resistant hydropower plants along the Russian part of the Amur River, an area in the Russian Far East where flooding devastated the region last year.