Russia-China energy deals worth more than $500bn by 2035

Russia-China energy deals worth more than $500bn by 2035 – Rosneft CEO

President and Chairman of the Board of JSC Rosneft Igor Sechin (R). © Mikhail Voskresensky / RIA Novosti

Energy deals between Russian oil major Rosneft and Chinese partners will be worth more than $500 billion in the next 20 years, according to Rosneft CEO Igor Sechin.

"Taking into account mutual trade and the existing contracts, the total value of cooperation of our company [with Chinese partners – Ed.] through 2035 will amount to $500 billion at current prices," Sechin said during the Eastern Economic Forum on Friday.

Moscow and Beijing are negotiating an increase in Russian oil supplies to China, said the chairman of the China National Petroleum Corporation (CNPC) Wang Yilin.

"China currently imports 15 million tons of crude oil from Russia through a pipeline. Now we are working on building a separate pipeline to increase the supply of crude oil to China,” said Yilin.

He added that the two companies are cooperating and expressed hopes that the goal of increasing crude oil supplies to China will be reached as soon as possible.

Russia became Beijing’s top crude supplier after China imported a record 3.92 million metric tons from Russia in May, which is equivalent to 927,000 barrels per day. Russia overtook Saudi Arabia as the biggest crude supplier to China.

Rosneft and CNPC signed a 25-year oil deal worth $270 billion at the St. Petersburg International Economic Forum two years ago. According to the agreement, the Russian company is expected to supply 360.3 million tons of crude to China.

On Thursday, during President Putin’s visit to China, Rosneft inked agreements with China worth a potential $30 billion.

Comments

Why States Still Use Barrel Bombs

Smoke ascends after a Syrian military helicopter allegedly dropped a barrel bomb over the city of Daraya on Jan. 31.(FADI DIRANI/AFP/Getty Images) Summary Barrel bombs are not especially effective weapons. They are often poorly constructed; they fail to detonate more often than other devices constructed for a similar purpose; and their lack of precision means they can have a disproportionate effect on civilian populations. However, combatants continue to use barrel bombs in conflicts, including in recent and ongoing conflicts in Africa and the Middle East, and they are ideally suited to the requirements of resource-poor states. Analysis Barrel bombs are improvised devices that contain explosive filling and shrapnel packed into a container, often in a cylindrical shape such as a barrel. The devices continue to be dropped on towns all over Syria . Indeed, there have been several documented cases of their use in Iraq over the past months, and residents of the city of Mosul, which was re

Russia Looks East for New Oil Markets

Click to Enlarge In the final years of the Soviet Union, Soviet leader Mikhail Gorbachev began orienting his foreign policy toward Asia in response to a rising Japan. Putin has also piloted a much-touted pivot to Asia, coinciding with renewed U.S. interest in the area. A good expression of intent was Russia's hosting of the Asia-Pacific Economic Cooperation summit in 2012 in Vladivostok, near Russia's borders with China and North Korea. Although its efforts in Asia have been limited by more direct interests in Russia's periphery and in Europe, Moscow recently has been able to look more to the east. Part of this renewed interest involves finding new export markets for Russian hydrocarbons. Russia's economy relies on energy exports, particularly crude oil and natural gas exported via pipeline to the West. However, Western Europe is diversifying its energy sources as new supplies come online out of a desire to reduce its dependence on Russian energy supplies . This has

LONDON POLICE INDIRECTLY ENCOURAGE CRIMINALS TO ATTACK RUSSIAN DIPLOMATIC PROPERTY

ILLUSTRATIVE IMAGE A few days ago an unknown perpetrator trespassed on the territory of the Russian Trade Delegation in London, causing damage to the property and the vehicles belonging to the trade delegation , Russian Foreign Ministry Spokeswoman Maria Zakharova said during the September 12 press briefing. The diplomat revealed the response by the London police was discouraging. Police told that the case does not have any prospects and is likely to be closed. This was made despite the fact that the British law enforcement was provided with video surveillance tapes and detailed information shedding light on the incident. By this byehavior, British law inforcements indirectly encourage criminals to continue attacks on Russian diplomatic property in the UK. Zakharova’s statement on “Trespassing on the Russian Trade Mission premises in London” ( source ): During our briefings, we have repeatedly discussed compliance with the Vienna Convention on Diplomatic Relations, specif

Search This Blog