(Corrects sixth paragraph to say China is Russia’s biggest trading partner.)
June 14 (Bloomberg) -- China and Kazakhstan agreed to cooperate on nuclear and alternative energy including solar and wind power as the countries deepened bilateral ties and pledged to coordinate on global and regional issues.
Both countries will also ensure “smooth” construction of a proposed expansion of cross-border oil and natural gas pipelines, according to a joint statement posted on the website of China’s Ministry of Foreign Affairs today. Kazakhstan holds about 3 percent of the world’s oil reserves, according to BP Plc.
The two sides agreed to cooperate in areas including energy, resources, technology and healthcare following Chinese President Hu Jintao’s state visit to Astana yesterday. China and Kazakhstan also agreed to swap about $1 billion of yuan for tenge as the countries reduce the use of dollars in bilateral trade over the next three years.
Kazakhstan will start supplying uranium tablets to China this year, President Nursultan Nazarbayev told reporters. China Guangdong Nuclear Power Group will expand nuclear cooperation with Kazakhstan, according to agreements signed in February. China National Petroleum Corp., the country’s biggest energy company, has investments in the Central Asian nation.
Hu, on an official tour of three nations including Russia and Ukraine, agreed with Nazarbayev to double bilateral trade to $40 billion by 2015, the official Xinhua News Agency reported.
The president is scheduled to arrive in Russia, whose biggest trading partner is China, tomorrow, according to Assistant Foreign Minister Cheng Guoping. The two countries are in talks to supply 68 billion cubic meters a year of natural gas to China. Pricing differences have held up plans to build gas pipelines that have been discussed for more than a decade.
Energy cooperation between China and Russia is “unique,” Xinhua reported yesterday, citing Russian Energy Minister Sergei Shmatko. There is room for further partnership in electricity, energy-equipment manufacturing, coal, and renewable and clean energy, he was quoted as saying.
--Wang Ying. Editors: Ryan Woo, Indranil Ghosh.
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