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. Last Updated: 07/27/2016

Yellow Sea Pipeline Talks to Continue

BEIJING -- China and Russia are still negotiating a deal to build a pipeline to transport oil and gas from Siberia through China to the Yellow Sea, Russia's Fuel and Energy Minister Yury Shafranik told reporters Thursday.

"We are negotiating a deal so that gas and oil from Irkutsk, Yakutsk and Krasnoyarsk can reach the Yellow Sea," Shafranik told reporters.

A contract on the proposed deal was expected to be signed during the three-day visit of President Boris Yeltsin to China that began Wednesday.

The project would have a capacity for 20 million tons of oil and 26 billion cubic meters of natural gas, he said without giving further details.

Shafranik said Korea was welcome to take part in the pipeline project, but did not say whether he was referring to North or South Korea.

In addition, Russia was eager to sell electricity to power-hungry China from Siberia, where it has an 8 billion kilowatt surplus, he said.

"We have 8 billion kilowatts of electric power in excess in the Irkutsk area and we are ready to sell it to China," he said. He declined to elaborate.