Russia and China signed for the supply of grains and oilseeds worth 2.5 trillion rubles ( Euro 24.3 billion ). Novosibirsk production and export company EPT (part of the Russian group of companies New Land Grain Corridor) and Chinese state-owned corporation China Chengtong International, Ltd. on the margins of the One Belt, One Road international cooperation forum held in Beijing, with the participation of the State Assets Supervision and Administration Committee of China (SASAC) signed a general contract for the supply to China of 70 million tonnes of grain, legumes and oilseeds produced in the Urals, Far East and Siberia, the EPT press service reported.
Biggest contract in the history of Russia and China
“Today we signed one of the biggest contracts in the history of Russia and China for almost 2.5 trillion rubles (Euro 24.3 billion) for 70 million tonnes for 12 years of grain, leguminous and oilseed cargo supplies,” said Karen Hovsepyan, leader of the New Overland Grain Corridor initiative (quoted by TASS). He also announced the soon launch of the Overland Grain Initiative: an interstate agreement on the “New Overland Grain Corridor” will be signed at the meeting of the heads of government of Russia and China in the last days of November – early December. According to him, thanks to the “Transbaikal grain terminal”, the new initiative will increase Russian grain exports to China to 8 million tonnes, which will be further increased to 16 million tonnes through the construction of new infrastructure.