The fifth Russian-Chinese Energy Business Forum begins in Beijing

• Total trade turnover between the two countries over the past five years has grown to 660 billion dollars
• In the first 9 months of 2023, the trade turnover between China and Russia grew by almost 30% year-on-year and amounted to $176.4 billion.

Beijing, 19 October 2023:The fifth Russian-Chinese Energy Business Forum (RCEBF) was opened on Tuesday in Beijing, the capital of the People’s Republic of China.The Forum is held under the auspices of the Russian Presidential Commission for Fuel and Energy Complex Development Strategy and Environmental Safety and the National Energy Administration of the People’s Republic of China, co-organized by Rosneft and China National Petroleum Corporation (CNPC).

Russian President’s greeting address was presented by Igor Sechin, Chief Executive Officer of Rosneft. In his greeting Vladimir Putin noted that the relations of comprehensive partnership and strategic cooperation between Russia and China have reached an unprecedented high level and continue to develop dynamically. One of the key components of these relations is energy cooperation, which is becoming increasingly active and multidimensional.

After this, Mr. Sechin outlined his views on the current status as well as prospects of the Russian-Chinese cooperation development. “Cooperation between Russia and China is strengthening in all areas. The total trade turnover between our countries over the past five years has grown to 660 billion dollars,” said Igor Sechin. According to him, “at the end of 8 months of 2023, Russia became the main oil supplier for China and is ahead of Saudi Arabia. More than 75 million tons of Russian oil have already been delivered to China this year, which is 25% more than last year,”

The energy sector is the most important area of cooperation between the two countries. For 8 months of 2023, Russia has become the main supplier of oil to China, ahead of Saudi Arabia.More than 75 million tons of Russian oil have already been delivered to China this year, which is 25% more than last year. “We see a rapid growth of Russian-Chinese cooperation in the gas sector. This year Russian gas exports to China will renew the historical high and exceed 30 billion cubic meters,” he said.

In Russia’s “turn to the East” the Chinese destination plays a key role. In the first 9 months of 2023, the trade turnover between China and Russia grew by almost 30% year-on-year and amounted to $176.4 billion. “There is every reason to believe that the trade turnover between our countries will exceed the target of $200 billion as early as this year,” MrSechinadded.

Last year, China also became the biggest buyer of Russian coal with a quarter increase in supplies to 67 million tons. “We are expanding our cooperation in the nuclear sector, flagshipped by the Tianwan Nuclear Power Plant, one of the major projects of economic cooperation between Russia and China.Two Russian-designed nuclear power units for 1,200 MW each are currently under construction at the Tianwan Nuclear Power Plant. The four units of the Russian VVER-1000 design built earlier operate successfully and deliver billions of kilowatt-hours of electricity to the country’s energy system. In addition, the Xudapu Nuclear Power Plant is being built in Liaoning Province,” Mr. Sechin said.

Speaking about energy security over the long term, it should not be left unmentioned that Russia is one of the few countries giving priority to investments in new energy projects. “In this regard, I would like to speak primarily about the Vostok Oil Project.With the world’s investments in exploration and production shrinking, this world’s largest greenfield project in North Siberia with a resource base of 6.5 billion tons of oil is probably the largest project in the world that can have a stabilizing effect on the hydrocarbon market.These large-scale investment projects enable us to actively promote the Northern Sea Route, the shortest sea route to our customers in Asia,” said Mr. Sechin.

The Forum opening ceremony was attended by Ding Xuexiang, First Vice Premier of the People’s Republic of China, Igor Sechin, Executive Secretary of the Presidential Commission for Strategic Development of the Fuel and Energy Sector and Environmental Security, Chief Executive Officer of Rosneft, Aleksandr Novak, Deputy Prime Minister of the Russian Federation, and Dai Houliang, Chairman of the Board of Directors of China National Petroleum Corporation.

This year’s event is attended by about 500 participants, including political figures, representatives of more than 100 major Russian and Chinese companies from various industries, scientists, academics, experts and analysts.

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