Russian-Chinese Energy Business Forum Held in Moscow to Deepen Bilateral Cooperation in Investment and Energy Sectors

• Russian-Chinese Energy Business Forum (RCEBF) Held in Moscow to Deepen Bilateral Cooperation, to Expand Investment Energy Partnership
• Russian President Vladimir Putin and Chinese President Xi Jinping sent welcoming addresses to the participants.
•  Bilateral cooperation in the oil and gas, coal and energy sectors is being systematically expanded: President Putin
• Bilateral cooperation in the energy sector is becoming mature, stable and solid, bringing real and tangible benefits to the peoples of China and Russia: President Xi Jinping
• China and Russia have pledged to deepen their investment and energy cooperation, further enhancing bilateral ties
• Energy accounts for over 70% of Russian exports to China: Rosneft CEO Igor Sechin
• In 2023 alone, trade turnover between Russia and China grew by 26% to reach $240 billion: Igor Sechin
• China National Petroleum Corporation (CNPC) will continue to work with Russian partners: chairman Dai Houliang
• 7th Russian-Chinese Energy Business Forum will be held in China in 2025.

By: Muhammad Arif, Editor NSN.Asia

Moscow: The 6th Russian-Chinese Energy Business Forum (RCEBF) was held in Moscow to further deepen bilateral cooperation in investment, trade and energy sectors which grew by 26% to reach $240 billion in 2023.

Russian President Vladimir Putin and Chinese President Xi Jinping sent welcoming addresses to the participants.

High level figures from both Russia and China attended the opening ceremony which was addressed by Igor Sechin, Executive Secretary of the Presidential Commission for Strategic Development of the Fuel and Energy Sector and Environmental Security, Chief Executive Officer of Rosneft, Ding Xuexiang, Vice Premier of the State Council of the People’s Republic of China, Alexander Novak, Deputy Prime Minister of the Russian Federation, and Dai Houliang, Chairman of the Board of Directors of China National Petroleum Corporation (CNPC).

The other key attendees of the forum were Maxim Oreshkin, Deputy Head of the Presidential Administration, Sergey Tsivilev, Minister of Energy of the Russian Federation, Zhang Jianhua, Director of the National Energy Administration of the People’s Republic of China, and others.

Some 500 participants, including political figures, representatives of major Russian and Chinese companies in the energy and related industries, scientists, academics, experts and analysts the 6th Russian-Chinese Energy Business Forum which has been held annually since 2018, in line with the agreement reached by President Vladimir Putin of the Russian Federation and President Xi Jinping of the People’s Republic of China.

A welcoming address from the President of the Russian Federation to the participants of the RCEBF was read by Igor Sechin, stating that “relations between the Russian Federation and the People’s Republic of China are developing dynamically within the framework of comprehensive partnership and strategic cooperation. According to Vladimir Putin, relations between the Russian Federation and the People’s Republic of China are developing dynamically within the framework of comprehensive partnership and strategic cooperation”.

“Bilateral cooperation in the oil and gas, coal and energy sectors is being systematically expanded. Russian energy supplies to China are reaching record levels. Specialists from our countries are working together to improve technologies for extracting, processing and transporting raw materials and to make them more environmentally friendly,” stated Vladimir Putin.

President Putin stressed that the Russian-Chinese Energy Business Forum, which brings together representatives of relevant government agencies, business and expert circles of our countries, plays a crucial role in ensuring direct and constructive dialogue on topical issues of cooperation in such important industries.

“Among its latest developments, I would like to mention the Atlas of Russian-Chinese Energy Cooperation Investments, a unique information and analytical platform that opens up new opportunities for the implementation of mutually beneficial joint projects and initiatives,” stated Vladimir Putin in his address.

President Putin expressed confidence that the work of the Forum would be fruitful and that the ideas and proposals expressed by its participants would be put into practice.

The message of the President of the People’s Republic of China was read by Ding Xuexiang.

Chinese President Xi Jinping in his message stated that through joint efforts, China-Russia relations of comprehensive partnership and strategic cooperation are gradually developing. Bilateral cooperation in the energy sector is becoming mature, stable and solid, bringing real and tangible benefits to the peoples of both countries.

“Under the new historical starting point, the Chinese side is willing to further promote mutually beneficial energy cooperation with Russian colleagues, ensure the stability and strength of energy production and supply chains, and contribute to the more dynamic, greener and healthier development of the global energy industry,” stated Xi Jinping in his address.

Rosneft CEO, Igor Sechin, in his remarks stated that, companies participating in the RCEBF account for up to 40% of trade between Russia and China. At the same time, energy accounts for over 70% of Russian exports to China.

“This year marks the 75th anniversary of the founding of the People’s Republic of China and the establishment of diplomatic relations between Russia and China. Over three quarters of a century, relations between our countries have gone through different phases, but as our leaders have repeatedly stressed, today they are at an unprecedented high level,” Igor Sechin said. In 2023 alone, trade turnover between Russia and China grew by 26% to reach $240 billion.

The head of Rosneft also noted that the scale of Russian-Chinese cooperation in the field of energy supplies is unparalleled in Eurasia. In 2023 alone, Russia exported 107 million tonnes of oil, 34 billion cubic metres of natural gas and more than 100 million tonnes of coal to China.

“I believe that the next stage in the development of our relations should be to strengthen cooperation with our Chinese counterparts along the entire value chain in energy and related areas, including the development of advanced technologies, engineering, advanced shipbuilding, industrial equipment supply, alternative energy, emission reduction and joint participation in research and development,” Igor Sechin said.

Ding Xuexiang, Vice Premier of the People’s Republic of China, delivered a speech at the opening ceremony of the Forum and said that despite the complex and volatile international environment and the ongoing global processes of profound transformation of the global energy sector, cooperation between Russia and China in the energy sector remains highly dynamic.

“I would like to point out the solid practical results. The first is the steady growth of energy trading. The second is the progressive advancement of particularly important projects. The third is the steady expansion of areas of cooperation. The parties are actively working to open up new horizons for cooperation in the oil and gas sector,” said Ding Xuexiang.

Speaking on the development of energy cooperation between the two countries, the Chinese Vice Premier noted that it is necessary to systematically promote trade and investment cooperation in the energy sector, tap the potential of energy cooperation mechanisms and consolidate the high momentum of energy trade cooperation.

The fuel and energy complex remains one of the priority tracks of Russian-Chinese strategic cooperation, he noted. “Russia is playing a stabilising role in overcoming the global energy crisis,” said Alexander Novak. Supplies of fuel and energy resources from Russia increase the energy security and socio-economic sustainability of friendly countries, he stressed.

Novak added that long-term contracts with major Russian oil companies are a guarantee of reliable supplies of Russian energy resources to China at fair market prices.

Dai Houliang, chairman of the board of China National Petroleum Corporation (CNPC), said the international energy market is becoming more turbulent and the trade structure is changing, so China-Russia energy cooperation is very important for the global energy model.

“CNPC, for its part, will continue to work with Russian partners, using this forum and other effective cooperation mechanisms to achieve more tangible results and move to a new level,” said the CNPC CEO.

The Forum takes place under the auspices of the Presidential Commission for Strategic Development of the Fuel and Energy Sector and Environmental Security and the State Energy Administration of the People’s Republic of China, and is co-organised by Rosneft and China National Petroleum Corporation.

The next 7th Russian-Chinese Energy Business Forum will be held in China in 2025.