BEIJING - Prime Minister Vladimir Putin of Russia is visiting China in an effort to bolster energy, political, and military ties between the former rival nations turned strategic partners.
Putin was met by Foreign Minister Yang Jiechi of China yesterday evening when he arrived in Beijing for the start of his three-day trip, his first visit to China since becoming prime minister. He is expected to hold talks with Chinese counterpart Premier Wen Jiabao, President Hu Jintao, and other leaders.
Among the agreements expected during Putin’s visit this week is a possible gas-for-loans deal similar to a $25 billion oil-for-loans deal that was finalized earlier this year, Chinese media reports and analysts said.
Russia’s cash-strapped energy companies need Chinese funding, while Beijing has welcomed the chance to further diversify sources for energy needed to fuel its fast-growing economy. The global economic crisis and changing market conditions have further spurred cooperation as lower demand from Europe has spurred Russia to diversify markets for its oil and gas.
The official Xinhua News Agency said in a commentary yesterday that the two countries should “further consolidate’’ ties against the backdrop of a “complicated and drastically changing international situation.’’
“Over the course of 2009 there’s been quite a breakthrough. The oil-for-loans deal put in place earlier is serving as a basis for other deals that are starting to move forward,’’ said Thomas Grieder, Asia Pacific energy analyst for IHS Global Insight in London.
