Dubai, July 24, 2024: “Russian-Chinese cooperation in the field of oil supplies is unique for Eurasia,” said Igor Sechin, Executive Secretary of the Presidential Commission for the Strategy of Development of the Fuel and Energy Complex and Environmental Safety, CEO of Rosneft. He was speaking at the 6th Russian-Chinese Energy Business Forum (RCEBF) held in Moscow. Last year, Russia exported 107 million tonnes of oil to China. Also last year, China imported 34 billion cubic metres of natural gas and more than 100 million tonnes of coal from Russia.
Speaking at the opening of the 6th Russia-China Energy Business Forum, Sechin noted that cooperation between Russia and China is developing under unprecedented external pressure. “However, all efforts to curb the growth of our countries lead to the opposite result: The GDP growth rates of China (5.2 per cent in 2023) and Russia (3.6 per cent in 2023) are well above those of Western countries and the global average,” he noted.
Last year, trade turnover between our countries grew by 26 per cent to $240 billion, significantly exceeding the target of $200 billion. Russia’s exports of mineral fuels to China accounted for $95 billion of this total.
“I believe that the next stage in the development of our relations should be aimed at strengthening cooperation with Chinese colleagues along the entire value chain in energy and related areas, including the development of advanced technologies, machine building, modern shipbuilding, industrial equipment supplies, alternative energy, emission reduction and R&D,” the head of Rosneft said at the opening of the 6th Russia-China Energy Business Forum.
Speaking at the opening of the VI Russian-Chinese Energy Business Forum, he noted that the Russian economy has successfully overcome external challenges and demonstrated a high degree of adaptability in the face of unprecedented sanctions pressure from the West.
“GDP growth in the first quarter of 2024 was 5.4 per cent year-on-year, and the industrial production index increased by 5.6 per cent. Undoubtedly, the realignment of logistics routes to APAC markets and stable oil exports have played an important role in ensuring the sustainability of the Russian economy,” Sechin said.
The head of Rosneft noted that cooperation between Russia and China in the energy sector is predetermined by the geographical position of the two countries and their place on the world energy map – Russia produces 11 per cent of the world’s liquid hydrocarbons, while China accounts for 16 per cent of their global consumption.
In the first six months of this year, Russia’s energy exports to China totalled about $46 billion, up 4% year-on-year, Igor Sechin said. “As a result, our country provided almost 20% of China’s energy imports in terms of value. Let me remind you that in 2021 this indicator was only 13%,” he stressed.
Last year, China also became the largest buyer of Russian coal, with deliveries increasing by 60% to over 100 million tonnes.