Russia Became the Largest Raw Oil Supplier to China

Russia holds a leading position in the export of raw oil to the PRC, increasing its supply by 27.4%, and is also a leader in the export of electricity.

This was announced by Russian Minister of Energy Alexander Novak, who on Wednesday took part in a meeting between Russian President Vladimir Putin and Chinese President Xi Jinping, which took place at the venue of the BRICS summit.

“Russia has become a leading supplier of raw oil to China – 67 million tons of supplies in 2018 worth more than $ 35 billion dollars. According to the results of 2018, coal export amounted to 27.6 million tons, which is 7.6% more than in 2017. We are also a leader in exporting electricity to China – in 2018, electricity exports amounted to 3.1 billion kWh,” said the Minister of Energy.

Novak noted the development of relations between Russia and China at the corporate level. According to him, Novatek, Rosneft, Gazprom Neft, Transneft, and Sibur Holding have an interest in developing relations with the Chinese side. Large joint projects are being implemented, such as, for example, Yamal LNG with the participation of Chinese investors.

The development of oil and gas provinces of the Arctic also presents great prospects for the development of Russian-Chinese cooperation. According to Novak, there is every reason to talk about the formation of the Russian-Chinese energy alliance. The Minister of Energy noted that the intergovernmental Russian-Chinese commission on energy cooperation, as well as the Russian-Chinese energy business forum, play an important role in the cooperation of the countries.

The head of the Russian energy department also positively assessed the results of the work done on the Power of Siberia gas pipeline project, the start of deliveries for which is scheduled for December 2019. In addition, the head of the Ministry of Energy noted the successful interaction of the countries in the field of electric power and peaceful nuclear energy and emphasized that a number of issues of the country are being discussed at the BRICS international platform.

Ru-Main, 19.11.2019

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