Pursuant to the SCA, both parties will establish cooperative arrangements in three major areas: development of the Russian solar power station and other solar related business in Russia to provide environmental friendly and clean solar power; jointly develop Russia’s natural gas resources and supply to mainland China, Hong Kong and Taiwan regions; jointly set up the Sino-Russian clean energy assessment team to conduct substantive investigation in terms of cooperation on clean energy projects and carry out feasibility studies for the reference to the board of directors of both companies.
In October, Sino-Russian Energy Investment (SREI), a subsidiary of Rus Energy, revealed the acquisition of 51% equity interests in Russian Suntar Natural Gas. As a result, SREI has obtained exploration and production rights of two natural gas fields in Eastern Siberia with up to 60 billion cubic meters of reserved natural gas. Rus Energy has obtained the controlling interests in these Russian natural gas fields and is planning to invest over $300m to develop the natural gas fields.
Alan Li, chairman and CEO of Sino-Russian Energy Investment, said: “We are really pleased to be a strategy partner of Rus Energy. It’s another significant moment in our clean energy business development following our investment in the large-scale grid-connected solar power station in Qinghai province in China.
“China is making every effort to develop clean energy. It’s expected that by 2020, China’s carbon dioxide emissions per unit of GDP will decline by 40%-50%, compared with 2005. It is clearly stated in Russian New Energy Strategy that the Russian natural gas and other conventional energy reserves, production and export volume will be increased. Meanwhile, the renewable energy as a percentage of the total energy consumption will also increase.”
