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About the Russian-Chinese Energy Business Forum

About the Russian-Chinese Energy Business Forum

Publication of the Investment Atlas of Russian-Chinese Energy Cooperation

29 November 2022 4th Russian-Chinese Energy Business Forum 2022 was held in Moscow and Beijing, which is a platform for practical cooperation between Russia and China in the energy sector. The forum was held in a face-to-face format at two venues in Moscow and Beijing, between which a video bridge was organized.

The purpose of the Forum is to develop a dialogue between Russia and China in the field of energy, improving efficiency and expanding the portfolio of joint projects, attraction of investments in the industry. More than 300 representatives of the largest Russian and Chinese oil and gas companies, electric power, coal industry, nuclear and renewable energy, heads of federal executive bodies, power equipment manufacturers, representatives of the financial sector and information technology. The participants of the event discussed in detail the key issues of bilateral cooperation in the energy sector. On the sidelines of the Forum, contracts were discussed and concluded between Russian and Chinese partners on the supply of energy resources, technology development, joint research, training, attracting Chinese companies to participate in the procurement of goods, works and services for projects, sold in Russia.

President of the Russian Federation Vladimir Putin and President of the People's Republic of China Xi Jinping sent greetings to the Forum participants, in which they noted the positive dynamics in the development of Russian-Chinese energy cooperation. In particular, In his greeting, Vladimir Putin noted, that despite the complexity of the international situation, relations between the Russian Federation and China continue to develop in an ascending. Energy remains one of the key and most dynamic areas of economic cooperation between the two countries.. “The Russian-Chinese Energy Business Forum plays a growing role in expanding cooperation in such a significant sector of the economy, ensuring regular dialogue between representatives of government departments, leading industry corporations, banking structures and expert circles of the two countries. The most important activity of the forum is the creation “Investment Atlas of Russian-Chinese Energy Cooperation”. Development of this unique information and analytical platform, undoubtedly, opens up new opportunities for the implementation of mutually beneficial commercial initiatives”, - says the greeting of the President of the Russian Federation.

Chinese President Xi Jinping, in his greetings to the Forum participants, called energy the cornerstone of cooperation between China and Russia. Beijing intends to build closer partnership with Moscow in the energy sector. “The energy cooperation between China and Russia is the cornerstone of practical cooperation between the two countries, and also serves as an effective force in the defense of global energy security”, Xi Jinping's message says.

At the Forum, a report on the development of cooperation between the two countries in the field of energy was presented by the Executive Secretary of the Commission under the President of the Russian Federation on the Strategy for the Development of the Fuel and Energy Complex and Environmental Safety, Chief Executive Officer of PJSC NK Rosneft Igor Sechin. is he, in particular, He noted, that the total trade turnover between Russia and China by the end of the year can reach 180-190 billion. dollars (for ten months of this year, this figure has already amounted to 153,9 billion. dollars). In this way, task to reach 200 billion. dollars of turnover can be reached even earlier, than in 2024 year, as previously planned. The head of Rosneft drew attention to the unique opportunities, which cooperation opens up in terms of ensuring the economic security of China and Russia in sensitive areas. "In the field of resource provision, including energy resources, Russia is a reliable supplier, with a huge, expandable potential. As for production and technological logistics: our partnership seems to be the most secure here in terms of security”, Igor Sechin said. Russian energy companies are ready to cooperate with Chinese partners in all areas — "and in the corner, and in gas, in oil, in electricity, in cooperation through Rosatom". The head of Rosneft reminded, that the Company has always advocated integral cooperation with Chinese partners along the entire technological chain: exploration and production, processing, creation of power generation, sales in potential markets, including sales through retail chains. “This kind of collaboration, usually, exchange of shares, creation of joint ventures, equipment supplies, technology partnership", - he said. Export of Russian oil to China in January-October increased by 9,5% - almost to 72 million. tonnes. In this way, Russia ranked second among the suppliers of this fuel to Beijing, only slightly behind Saudi Arabia (73,8 million tons), told Igor Sechin. At the same time, he did not rule out the construction of new oil pipelines from Russia to China.. The head of Rosneft also recalled the Vostok Oil project, whose implementation “will provide long-term, reliable and guaranteed energy supplies for the growing economies of Asia". TO 2033 year, oil production under this project should be 115 million tons, which is comparable to 2,5% current global production.

Russia retains great potential for increasing hydrocarbon exports as well., according to Sechin, gas reserves of only Rosneft in Eastern Siberia and the Far East, which can be delivered to China, exceed 2 trillion cubic meters. m. According to Igor Sechin, the volume of Russian gas supplies via pipelines this year may increase by 60%. In the foreseeable future, the figure will exceed 100 bcm. meters per year, and this is not the limit, the head of Rosneft is sure. Besides, according to Igor Sechin, Russia accounts for almost a quarter of China's coal imports - 53 million tons for ten months of this year. Only Indonesia supplies more coal to China. China buys not only hydrocarbons from Russia, but also electricity. According to the results of January-October, its deliveries increased by 33% and updated the record. At the same time, in energy trade, Russia and China are switching to settlements in national currencies..

A significant contribution to the development of cooperation between the two countries in the energy sector was the publication of the Investment Atlas of Russian-Chinese Energy Cooperation. This document is a comprehensive practical guide to the implementation of joint projects. Its first part, presented at the previous Forum by the Russian side, was dedicated to reviewing the current state and prospects for the development of the fuel and energy complex of the Russian Federation. Within the framework of the IV Russian-Chinese Energy Business Forum, the Head of the State Energy Administration of the People's Republic of China Zhang Jianhua held a presentation of the Chinese part of the Atlas. The document systematizes information on the current state and development plans of the fuel and energy industries in Russia and China, management institutions and regulatory policy of the two countries, the current system of insurance and project financing of fuel and energy facilities, as well as promising projects in the oil and gas industry, coal and nuclear industry, power industry, renewable and hydrogen energy.

Vladimir CHUSHKIN

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