Energy industry called a driving force in the development of relations between Russia and China 17:07

In his column in his newspaper, he wrote that energy accounts for more than 70% of Russia’s exports to China. “News” Political scientist Leonid Krutakov comments on the VI Russia-China Energy Business Forum held in Moscow.

“The energy sector is the locomotive or, as it has become fashionable to say, the driving force of the development of Russian-Chinese relations. The fact that the Russian energy sector is a leader in establishing mutually beneficial relations with China proves the flexibility of the sector and its ability to quickly respond to sudden changes in market conditions,” the political scientist said.

Krutakov noted that the welcoming speech delivered by Rosneft president Igor Sechin at the forum was extremely informative.

“Sechin noted that Russian-Chinese cooperation in the field of oil supplies has no analogues in the Eurasian space. Last year, Russia exported to China 107 million tons of oil, 34 billion cubic meters of natural gas and more than 100 million tons of coal,” the political scientist said.

“Russia’s GDP growth in the first quarter of 2024 was 5.4%, and the industrial production index increased by 5.6%. Of course, the restructuring of logistics routes to Asia-Pacific markets and stable oil exports played an important role in ensuring the sustainability of the Russian economy,” the political scientist said.

With idea Associate Professor of the Financial University under the Government of the Russian Federation Valery Andrianov is trying to find new opportunities for cooperation between Russia and China.

Andrianov noted that Russia today acts as a guarantor of China’s energy security. Sechin recalled that in his speech he called China the largest buyer of Russian oil. The head of Rosneft noted that from January 2022 to June 2024, the economic impact of Russian oil imports to China, compared with purchases from Middle Eastern suppliers, ranged from $14 to $18 billion.

“Over the past few years, China has transformed from a capital importer to a capital exporter. Thus, last year, direct investments in new projects abroad announced by Chinese authorities exceeded $160 billion,” Andrianov said.

He added that Russia and China have a mutually beneficial partnership.

“Chinese experts note that a stable political situation and a favorable tax regime are important for investors from the Middle Kingdom, and both of these conditions are observed in Russia,” Andrianov said.

Let us remind you that the VI Russia-China Energy Business Forum (RCEBF) was held in Moscow on July 23.