Oleg Deripaska met with China VP Li Yuanchao

Oleg Deripaska, the CEO of UC RUSAL, a global aluminium producer, and the owner of Basic Element, one of the largest diversified industrial groups in Russia, had a meeting with the Vice President of China Li Yuanchao at the Saint Petersburg International Economic Forum. Deripaska and Vice President Li Yuanchao stressed the paramount importance of the recent meeting in Shanghai between President Vladimir Putin and President Xi and the signing of major agreements between Russian and Chinese companies.

Mr. Deripaska described to Vice President Li Yuanchao the ongoing and planned cooperative projects with Chinese partners in power generation and exports, aluminium production, machine building and data processing. Vice President Li Yuanchao noted Deripaska’s positive role in building China-Russia economic cooperation and expressed interest and support for his projects with Chinese partners, noting that they are complementary for Chinese and Russian development strategies and create basis for long-term and mutually beneficial partnership. He said that Russia has a vast territory and resources while China is a major global consumer with the largest population in the world. Therefore, full growth potential of China’s Northeastern Provinces will benefit from implementation of large development projects in the Russian Far East and Eastern Siberia, while Northeast China development will have a positive impact on the development of the Far East and Eastern Siberia in Russia. Deripaska and Vice President Li Yuanchao stressed the importance of aligning the development strategies of these regions.