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What Russia and China Really Think About Decarbonisation

The Ministry of Industry and Trade of the Russian Federation said in a statement posted on its website that China last month has agreed to offer Russia US$6 billion in loan in exchange for a 25-year long coal supply, sources reported.

According to the statement, China plans to increase its annual coal import from Russia to 15 million tons in the next five years, and then further to increase to at least 20 million tons in 20 years.

Russian Energy Minister Sergey Shmatko said that China’s huge coal imports will become the most attractive and strategic market for Russian’s coal industry.

Pursuant to the agreement, Russian will allot the loan to develop coal mines, build infrastructure and purchase coal processing facilities from China.

China Mining, 13 September 2010