Chinese to build roads in Russia

The state-owned Russian company Avtodor is in the midst of negotiating a deal on the construction of high-speed highways in Russia with several companies in Jinan, China, including the Shandong Hi-Speed Group, one of the leading state-owned companies in road construction and operation, says Avtodor's head, Sergey Kelbakh.

The companies are discussing various large-scale projects across the country. A key condition of the contract will be the ability of Chinese counterparts to co-finance projects, said Kelbakh.

The construction costs of one of the project that is being discussed specifically with Shandong Hi-Speed Group may reach up to 76 billion rubles ($1.2 billion), though the Chinese will likely only invest 25-30 percent of that sum.

According to Kelbakh, Shandong Hi-Speed Group currently manages 3,000 kilometers (1,864 miles) worth of roads.