Sakhalin-China trade turnover up ten-fold over five years

BEIJING, March 24 (Itar-Tass) - The trade turnover between Russia's
Sakhalin Region and China has grown ten-fold over the past five years to
one billion dollars, making China one of the region's main trading
partners, Deputy Governor of the Sakhalin Region Konstantin Stroganov said
at a meeting with Assistant Chinese Foreign Minister Cheng Guoping on
Thursday.
Stroganov is leading a delegation that is holding a presentation of
Sakhalin and the Kuril islands in the Chinese capital. The press service
of the Sakhalin regional administration quotes Stroganov as saying, "China
is an advanced market for Sakhalin's natural gas and coal. Also, China is
among the key importers of Sakhalin's fish and sea products."
According to the regional administration, China imported approximately
96 million dollars worth of these products in 2010. As for Sakhalin, the
region purchases from China ferrous metals and products made of them,
equipment and mechanical devices, ships, boats and polymers.
Among the factors that favor cooperation Stroganov mentioned a
well-organized transport system between the Sakhalin Region and China.
Participants in the meeting discussed further development of
inter-regional and business ties.
Later in the day Stroganov plans to meet with the leadership of the
Chinese oil giant Sinopec.
Sinopec and the Russian oil company Rosneft signed a memorandum of
understanding in June 2005. The document concerns joint exploration of the
Veninsky licensed block of the Sakhalin-3 project.
Sinopec and Rosneft have registered a joint operating company Venineft
for geological prospecting. Two deposits were discovered over the past two
years - North Veninskoye and New Veninskoye.
"We hope that the favorable forecasts of the reserves will prove
correct or surpass our expectations. This will become a good basis for a
successful start of the deposit's commercial operation, and for long-term
and sustainable partnership with Sinopec," Stroganov said.
The Sakhalin Region is being actively integrated in the economy of the
Asia-Pacific region. The Sakhalin authorities intend to intensify economic
and investment cooperation with Chinese partners.
The region produced about 15 million tonnes of oil and 25 billion
cubic meters of natural gas in 2010.