OREANDA-NEWS  According to the results of 8 months of 2023, Russia has become the main supplier of oil to China, ahead of Saudi Arabia, said Igor Sechin, executive Secretary of the Presidential Commission on the Development of the Fuel and energy complex, Chief Executive Officer of Rosneft, during the Fifth Russian-Chinese energy business Forum.

"This year, more than 75 million tons of Russian oil have already been delivered to China, which is 25% more than in the past," he said.

"This year, Russian gas exports to China will update the historical maximum - more than 30 billion cubic meters of gas will be delivered. New opportunities are being discussed in the field of transportation of Russian natural gas to China, including through the territory of Mongolia," Sechin continued.

According to the results of last year, China also became the largest buyer of Russian coal - supplies increased by a quarter and amounted to 67 million tons, he noted. In addition, the head of the NC added that cooperation in the nuclear field is expanding, the flagship of which is the Tianwan NPP - one of the largest projects of economic cooperation between Russia and China. "Currently, two power units are being built at the Tianwan Nuclear Power Plant according to a Russian project with a capacity of 1200 MW each. The four units of the Russian VVER-1000 project built earlier are successfully operating and delivering billions of kilowatt-hours of electricity to the country's energy system," he stressed. The Xiudapu nuclear power plant is also being built in Liaoning Province. "Against the background of the renaissance of nuclear energy in the world, joint work with Chinese colleagues on the construction of power units in third countries is seen as a promising area of cooperation," the secretary of the pre-commission believes.

"I believe that direct investments in energy and related sectors of the economy can become a new milestone of cooperation between our countries as a privilege for our Chinese partners, for whom new opportunities are opening up in the current conditions," Sechin said.

"In the context of the events taking place now in the Middle East, it is important to note the security of Russian oil supplies to China. This oil comes through the ESPO oil pipeline, which in the current situation seems to us to be a much more reliable transportation channel compared to tanker transportation through the Strait of Hormuz or the Suez Canal due to the growing geopolitical instability of these regions," he said.

"Russia produces 12% of the world volume of liquid hydrocarbons, China accounts for 14% of their global consumption. Significant mutual commodity flow, as well as third-country commodity flows and clearing opportunities allowed our countries to quickly switch to settlements in national currencies. As a result, their share in Russian-Chinese settlements is currently 90%," Sechin said. "It is important to continue to expand the practice of using the yuan and the ruble both on a bilateral basis and in settlements with third countries. Of course, this requires the support of the Bank of Russia and the People's Bank of China, closer interbank cooperation and its practical focus on the implementation of specific projects. I am convinced that the potential of this cooperation will result in a multiple increase in trade turnover," he said.

"Russia will continue to strengthen and deepen cooperation with the Chinese side along the entire value chain in energy and related fields, including technology, equipment supplies and project financing. I am convinced that the potential of our cooperation is huge, and we are only at the beginning of its implementation," Sechin concluded.