Eastern Economic Forum in Vladivostok (LIVE UPDATES)
Follow RT as we take you to the economic forum in Russia's Far East.
We’ll keep you updated on major international deals that happen during
the day. Stay tuned!
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04 September 201512:07 GMTSeveral cities in the Russian Far East will become free ports. Local authorities expect the new status will attract ship owners and thus boost business in the region.
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11:53 GMTOil producing countries are unlikely to cut crude output now, said Novak.
If you cut production now, prices will go up; inefficient projects once again will become profitable. This will subsequently increase the production of shale oil and, as a consequence, the prices will start to fall again, he said.
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11:52 GMTPresident Vladimir Putin said he sees nothing dramatic in the high volatility in energy prices.
Putin has also supported the transition of the national budget from the current three-year period to annually, saying it’s now “impossible to forecast how world markets will behave under current conditions and how it will affect the budget revenue.”
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11:44 GMT
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11:12 GMTChina's Sinopec will acquire a 10 percent stake in Sibur, a Russian gas processing and petrochemicals company, which will draw investment from China, Novak told RT.
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11:10 GMTJapan suggests that Russia should use the yen instead of the US dollar to minimize business risks, said the Japan Bank for International Cooperation Senior Managing Director Tadashi Maeda.
READ MORE: Sanctions could lead to Russia-Japan currency swaps
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10:50 GMTMoscow and Beijing are negotiating an increase in Russian oil supplies to China, said the chairman of the China National Petroleum Corporation (CNPC) Wang Yilin.
"China currently imports 15 million tons of crude oil from Russia through a pipeline. Now we are working on building a separate pipeline to increase the supply of crude oil to China,” he said.
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10:48 GMTThere is no planned meeting between Vladimir Putin and Barack Obama, said the head of the Russian Presidential Administration Sergey Ivanov.
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10:44 GMTEnergy deals between Russian oil major Rosneft and Chinese partners will be worth more than $500 billion in the next 20 years, according to Rosneft CEO Igor Sechin.
"Taking into account mutual trade and the existing contracts, the total value of cooperation of our company [with Chinese partners – Ed.] through 2035 will amount to $500 billion at current prices," Sechin said.