Russian power company, OAO RAO Energy System of the East, may get a discounted loan from China to build a 370-megawatt power station in the Primorye region in eastern Russia, Moscow-based newspaper Vedomosti reported.

Chinese banks might finance at least 70 percent of the project, which is estimated to cost from $800 million to $900 million.

As part of the potential deal, the Russian power producer would need to buy Chinese equipment for the station and hire a Chinese contractor to build it, the newspaper said.

China Daily - Agencies