Deputy Prime Minister and Co-Chair of the Russian-Chinese Intergovernmental Commission on Energy Cooperation Alexander Novak chaired the 20^th meeting of the Commission, which is held in Beijing.

“Russian-Chinese relations are based on the principles of equality, mutual respect and a readiness to provide strong mutual support on issues related to our national interests. Energy plays a crucial role in the diverse Russian-Chinese ties and acts as a driving force. Despite the challenges our countries face at the moment, energy cooperation is making rapid headway in all areas, it is acquiring new content and becoming a true energy alliance,” Alexander Novak said in his opening remarks.

The Deputy Prime Minister emphasised the unprecedented growth rate of trade between the Russian Federation and China, which has already exceed $200 billion, with energy trade accounting for one-third of total trade.

Russia is the primary exporter of crude oil to China, and is expanding gas exports through the Power of Siberia pipeline. Efforts are underway to explore new gas delivery routes, such as through the Far Eastern route directly from Russia or via Mongolia. The implementation of all planned projects will make it possible to increase natural gas exports to China to 100 billion cubic metres.

The two countries are also expanding cooperation in LNG and coal deliveries to China. The implementation of various long-term projects in these spheres will elevate Russian-Chinese interaction to a new level and achieve record-breaking indicators.

Moscow and Beijing prioritise collaboration in the nuclear power industry and renewable energy sources. They are also discussing a consolidated partnership in the power-generation sector and cooperation in the renewable energy sector.

“We are working towards a closest energy partnership with China in all areas of cooperation. This includes expanding Russian energy deliveries to the Chinese market, as well as attracting Chinese investment and advanced engineering solutions to the Russian fuel and energy sector,” the Deputy Prime Minister said.