Russian Companies Interested In Buying Metallurgic Assets In China - Titov

Russian companies interested in buying metallurgic assets in China - Titov

Russian companies are interested in acquiring metallurgic companies in China, Russian co-chairman of the Russian-Chinese Business Council Boris Titov said.

"We hope that proposals in the metallurgic area will be implemented. Our companies are interested in acquiring metallurgic assets in China," he said in an interview with Interfax. Commenting on whether it is possible that Chinese companies will acquire energy resources in Russia, just like Sinopec's purchase of Russia's Udmurtneft, Titov said that "any assets on Russian territory are accessible to Chinese investment within the framework of the current legislation."

"Large projects are implemented in Russia primarily in the energy area; however, I think that prospects to develop the production and processing of oil and gas, and the construction of energy facilities exist within the framework of the current legislation. Yes, we should be implementing large joint projects together," he said.

Titov marked the importance of implementing joint projects in the area of small and medium-sized business in order to increase Russian-Chinese trade turnover up to $60 - 80 billion. "It is necessary to make projects to in automobile assembly, construction, light and chemical industries work," he said.

It is important to develop projects in the innovation industry using Russia's knowledge in the area.

"If China invests in innovations, we will say thank you to them," he said.

[The source for all the above articles is Interfax China Metals, 28 May 2007]