Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Pakistani army: 6 soldiers and 7 militants killed in clash near the Afghan border
Israeli media: Sirens sound in the settlement of Kerem Shalom in the Gaza envelope area
Afghan source to Al Mayadeen: We still believe in dialogue and prioritize diplomatic solutions with Pakistan; though we are ready for all possibilities.
Afghan source to Al Mayadeen: Pakistan purposely obstructed negotiations in Turkey by making unrealistic demands.
Al Mayadeen's correspondent: More than 70 martyrs in Israeli attacks on Gaza since dawn.
Death toll from latest Israeli strikes on Gaza rises to 30
Al Mayadeen's correspondent: Five killed in the Israeli bombing of a civilian vehicle on Al-Qassam Street in Khan Younis, south of the Gaza Strip
Hamas confirms that it has no connection to the shooting incident in Rafah and affirms its commitment to the ceasefire agreement
Al Mayadeen's correspondent: Two civilians were killed and four others, including a child and an infant, were injured in an Israeli bombing of a house belonging to the Al-Banna family in the al-Sabra neighborhood, south of Gaza City
Al Mayadeen's correspondent: An Israeli airstrike targets the vicinity of Al-Shifa Medical Complex, west of Gaza City

Russia, China talk economic cooperation at Energy Business Forum

  • By Al Mayadeen English
  • Source: Agencies
  • 23 Jul 2024 22:31
6 Min Read

Leading Chinese and Russian corporations, big banks, government officials, and members of the scientific community, including Rosatom, attend the VI Russian-Chinese Energy Business Forum.

Listen
  • x
  • Chinese President Xi Jinping, right, and Russian President Vladimir Putin look toward each other as they shake hands prior to their talks in Beijing, China, Thursday, May 16, 2024. (AP)
    Chinese President Xi Jinping, right, and Russian President Vladimir Putin look at each other as they shake hands prior to their talks in Beijing, China, Thursday, May 16, 2024. (AP)

Chinese President Xi Jinping asserted China's readiness to develop cooperation with Russia in energy, which includes maintaining the stability of energy production chains.

"China is willing to work with Russia to continue to develop mutually beneficial energy cooperation, maintain the stability and resilience of energy industrial and supply chains, and help promote a stronger, greener and healthier development of the global energy industry," Xi said during the VI Russian-Chinese Energy Business Forum.

Leading Chinese and Russian corporations, big banks, government officials, and scientific community members were present at the meeting. These include representatives from CNPC, Sinopec, State Energy Corporation of China, Gazprom, Rosneft, Rosatom, Rushydro, and other organizations.

Igor Sechin, the CEO of Rosneft and the executive secretary of the Russian Presidential Commission for the Strategic Development of the Fuel and Energy Sector and Environmental Safety announced on Tuesday that Russian energy exports to China rose by 4% year over year to $46 billion in the first half of 2024.

“As a result, our country provided almost 20% of China’s energy imports in value terms. Let me remind you that in 2021 this figure was only 13%,” he added.

Far East support

Given that China consumes 16% of the world's liquid hydrocarbons and Russia generates 11% of it, Sechin observed that the two nations' collaboration in the energy industry is largely influenced by their locations and relative positions on the global energy map.

As stated on Tuesday by Sechin, China will import 40 billion cubic meters of gas from Russia this year, up from 34 billion cubic meters last year.

"Last year, China imported 34 billion cubic meters of natural gas from Russia," he said.

"At the same time, Russia has every opportunity to increase gas supplies to 100 billion cubic meters per year and above, taking into account our powerful resource base in Western and Eastern Siberia, as well as in the Far East," he stressed.

The amount of gas supplied by the Power of Siberia pipeline is projected to expand to 30 billion cubic meters in 2024 and 38 billion cubic meters the following year up from 22.7 billion cubic meters in 2023.

Supplies via the "Far Eastern route" are anticipated to start arriving in 2027 in the amount of 10 billion cubic meters annually. A proposal to provide China with goods in an estimated volume of 50 billion cubic meters through the "Western route"—via the Power of Siberia 2—is under consideration.

In comparison to Middle Eastern purchases, China benefited from $14–$18 billion worth of Russian oil between 2022 and June 2024, he revealed.

Related News

Putin responds to US sanctions, says Hungary summit likely postponed

Amid sanctions, India braces to sharply cut Russian oil imports

"In turn, China is the largest buyer of Russian oil. According to our estimates, from January 2022 to June 2024, the economic effect for China from imports of Russian oil compared to purchases from Middle Eastern suppliers ranges at $14-$18 billion," Sechin said.

Russian companies ready for Chinese energy

According to Sechin, Russia intends to increase China's direct investments in its energy sector.

"We hope for an increase in China's direct investments in the Russian energy sector, which is characterized by high investment returns for investors and no risk of return on equity," he stated.

China's direct investments in the Russian energy sector and other businesses are expected to enhance energy security and foster mutual collaboration between the two nations. 

"Such investments could create a significant synergistic effect, because Russia is one of the few countries that consistently invests in the development of traditional energy, and China has turned from an importer to an exporter of capital over the past few years. So, last year, China's announced direct investments in new projects abroad exceeded a record $160 billion," Sechin added.

He added that Russian companies are willing to ensure energy security and energy consumption in China.

"Russian companies are ready to contribute to the issue of ensuring China’s energy security and energy consumption."

Sechin added that the necessity for a dependable and secure energy supply was growing as a result of China's ongoing economic recovery. The International Economic Agency (IEA) predicts that China's consumption of liquid hydrocarbons will rise by 9% by 2030.

"In the context of the events currently taking place in the Middle East, it is important to note the security of supplies of Russian oil and other energy resources to China. A significant part of Russian oil is supplied through the ESPO [Eastern Siberia — Pacific Ocean] oil pipeline, which in the current situation is more a reliable transportation channel compared to tanker transport through the Strait of Hormuz or the Suez Canal, due to the growing geopolitical instability of these regions," he added.

The new tanker fleet

Sechin disclosed that Russia, in collaboration with Chinese shipbuilders and component suppliers, can establish a tanker fleet to navigate the Northern Sea Route.

The Northern Sea Route (NSR) is the shortest route between Europe and Asia, spanning over 3,000 nautical miles (5,556 kilometers) and connecting the Barents Sea and the Bering Strait. It is also the quickest maritime route that connects Russia's European region to the Far East. By 2024, over 72 million tonnes of cargo are anticipated to be transported along the NSR; by 2030, that number is projected to approach 194 million tons.

"The operation of the NSR will require a high-ice-class tanker fleet, which can be created in cooperation with Chinese shipbuilders and component suppliers."

China's Vice Premier of the State Council, Ding Xuexiang, stated on Tuesday that China and Russia should encourage the implementation of large-scale energy projects and strengthen their cooperation on renewable energy. 

As cited by China Central Television (CCTV), Ding said during his speech at the Chinese-Russian Energy Business Forum, "It is necessary to promote trade and investment cooperation in the field of energy, jointly promote the implementation of major energy projects, deepen cooperation in such promising areas as renewable energy, hydrogen energy and the carbon dioxide emissions quota market, as well as create new growth points for cooperation."

The official stated that China and Russia should work together more closely on global platforms and encourage the development of an equitable framework for managing energy.

  • Russian oil
  • Russia
  • energy
  • Igor Seching
  • China
  • bilateral relations
  • Xi Jinping
  • Rosatom

Most Read

'Israel’s Digital Iron Dome: Weaponizing the web against Palestine

'Israel’s Digital Iron Dome: Weaponizing the web against Palestine

  • Technology
  • 24 Oct 2025
Arab League chief exposes secret US deal shielding 'Israel’s' nukes

Arab League chief exposes secret US deal shielding 'Israel’s' nukes

  • Politics
  • 27 Oct 2025
Hi-tech holocaust: Microsoft’s role in Gaza genocide

Microsoft's role in world’s first AI-driven genocide, in Gaza, exposed

  • Technology
  • 28 Oct 2025
What Marr evidently didn't seem to understand was that Hedges isn't saying that Western journalists manipulate the truth, but that they systematically amplify Israeli narratives they know are false. (Al Mayadeen English; Illustrated by Batoul Chamas)

Western journalists know they have a case to answer for their betrayal of Gaza, and it frightens them

  • Opinion
  • 24 Oct 2025

Coverage

All
War on Gaza

Read Next

All
Displaced Sudanese who fled El-Fasher after the city fell to the Rapid Support Forces (RSF), rest near the town of Tawila in war-torn Sudan's western Darfur region (AP)
Politics

UAE directly funded RSF, leading to fall of El-Fasher: Sudan

'You’re not welcome in Greece': Israelis face port protests
Politics

'You’re not welcome in Greece': Israelis face port protests

This photo released by the Israeli military on Thursday, Nov. 2, 2023, shows ground operations inside the Gaza Strip (AP)
Politics

IOF soldier who fought in Gaza, Lebanon denied entry to Czech Republic

UN inquiry exposes 'Israel’s' four genocidal crimes against Gaza
Politics

'Israel' committed four genocidal acts in Gaza, UN inquiry finds

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS