The total volume of liquid hydrocarbons that have fallen under unilateral restrictions by the United States has reached a record level totaling about a third of the world’s reserves, said Rosneft CEO Igor Sechin.
Washington uses energy as a political weapon on a wide scale. Amid the tensions, Russian-Chinese relations have been strengthening, Izvestia wrote. The partnership is fundamentally vital for ensuring sustainable world development, experts told the newspaper. The Russian-Chinese energy business forum is an important platform for developing joint projects, which was held this year at SPIEF, the St. Petersburg International Economic Forum.
This year, over 100 Russian and Chinese companies, including delegates from the oil and gas sector, and the power industry among others, attended the forum. Chinese banks and IT structures showed interest in joint energy projects. In all, a total of 33 agreements were signed at two sites between companies from Russia and China. The Arctic with potential reserves of 20 bln tonnes of oil was also at the center of the negotiations.
Director General of the National Energy Institute Sergey Pravosudov told Izvestia that American pressure on China is blatant, and the US could use the power of their fleet, far superior to China’s, to block off the sea routes of hydrocarbon deliveries to the US. In this situation, energy from Russia would become a vital necessity for China.
“The Eastern Siberia-Pacific Ocean oil pipeline and the Power of Siberia gas pipeline are becoming the main arteries for reliable and safe supplies to Chinese consumers of oil and gas,” the expert believes.
Economist Alexander Isaev highlighted that over the past 5-6 years, Rosneft has almost quadrupled its oil supplies to China. He noted that Chinese demand for hydrocarbons is rapidly surging, and additional opportunities are being created to strengthen cooperation between the two countries in this area.