China pledges to build energy cooperation with Russia

24/07/2024 CEN_net BRI, BRICS, & Global South~, Energy. Transport & Climate Change~, Geopolitics & Multipolarity~, Main~ 0

China hopes that the two sides will actively strengthen cooperation in renewable energy and energy technology innovation, and promote green and low-carbon energy transformation.

Xinhua reports that Chinese Vice Premier Ding Xuexiang said in talks with Russian Deputy Prime Minister Alexander Novak at the 21st meeting of the China-Russia Energy Cooperation Committee, that China is willing to work with Russia to build a high-level energy cooperation partnership.

Ding proposed that the two sides should deepen the sustainable development of energy cooperation and create favorable conditions for the construction and operation of major energy projects.

Ding added that the two sides should strengthen strategic coordination on global energy governance and make greater contribution to the long-term, sound, stable and sustainable development of the world energy market.

China and Russia are key members of the BRICS bloc of nations.

Meanwhile, RT News reports that Russian gas exports to China could reach 30 billion cubic meters this year via the Power of Siberia mega-pipeline, Deputy Prime Minister Aleksandr Novak has said. 

The pipeline’s operator, Gazprom, supplies natural gas to Russia’s Asian neighbor under a long-term contract it sealed with the China National Petroleum Corporation (CNPC). The Power of Siberia is part of a $400 billion, 30-year agreement between Gazprom and CNPC which was clinched in 2014.

 The Russian company increased gas supplies to China via the Power of Siberia by 50% year-on-year in 2023, to 22.7 billion cubic meters, exceeding Gazprom’s contractual obligations by 700 million cubic meters.

According to Novak, discussions on the implementation of the Far Eastern route for gas supplies to China are also underway.

The Far Eastern route will deliver supplies of Russian natural gas from the shelf off Sakhalin Island to China starting from 2027. Moscow and Beijing sealed an agreement for additional pipeline gas deliveries via the new route in February 2023.

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