Chinese-Russian deal will pursue hydropower projects: energy company

Oct 20, 2010 - Xinhua

Russia had recently sealed a framework agreement with China to develop hydropower, the country's independent energy company EuroSibEnergo said late Monday.

The deal was signed by Cao Guangjing, chairman of China Yangtze Power, the largest listed hydropower producer in China, and EuroSibEnergo chairman Andrey Likhachev.

The two companies preliminarily agreed to "explore joint development opportunities for power projects in Russia, potentially including the upgrading of EuroSibEnergo's power assets and the construction of new hydropower plants in Russia, with the specific focus on Siberia."

They also agreed to "make coordinated efforts to obtain support from their regulatory bodies and electricity grid companies."

"Russia, the Siberian region in particular, has significant undeveloped hydroelectric resources. This agreement strengthens energy cooperation between Russia and China," Likhachev said.

Cao said: "Russia has an abundant supply of hydropower resources, while China has enormous demand for power. Our joint development of hydropower resources is strategically important not only for the two companies, but for Sino-Russia cooperation."