Russia-China energy trade soaring – deputy PM

5 months ago 156

The two countries have been ramping up economic cooperation at an unprecedented pace

Russia supplied more oil and petroleum products to China in the first ten months of this year than during the whole of 2022, as Moscow ramps up energy cooperation with the Asian country, Deputy Prime Minister Alexander Novak revealed on Friday.

Speaking at a meeting of the Russia-China intergovernmental commission in Beijing, he said Russia would further boost energy supplies, adding that Moscow also wants to lure Chinese investment and technology into its energy sector.

“We are committed to the closest partnership with the Chinese side in the energy sector and in all areas of cooperation. We are talking about both further increasing the supply of Russian energy resources to the Chinese market and attracting Chinese investments and advanced technological solutions to the fuel and energy complex of the Russian Federation,” the deputy prime minister stated.

Russia emerged as China’s fifth-largest trading partner (excluding Hong Kong and Taiwan) from January through November, behind the US, EU, South Korea, and Japan.

Trade turnover between Russia and China has already exceeded a target of $200 billion set by Moscow and Beijing with a third of that volume accounting for energy supply, Novak noted.

READ MORE: Russia-China trade increases 26% in a year

According to Chinese customs data, trade volumes with Russia increased by 26.7% in the first 11 months of 2023, amounting to a record $218.17 billion.

Russian First Deputy Prime Minister Andrey Belousov had earlier forecast that bilateral trade would grow to $300 billion by the end of the decade.

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