Putin Praises Energy Ties With China Amid European Market Loss

Russian President Vladimir Putin, on his first international visit outside the former Soviet Union in the current year, concluded a two-day visit to China on Thursday, commending the "unprecedented" energy collaboration between the two nations. This strategic partnership is a crucial step for Russia as it strives to compensate for the loss of the European energy market, which has been impacted by Western sanctions due to Moscow's actions in Ukraine. Addressing a Russian-Chinese energy forum in Beijing, Putin underscored the significance of their burgeoning relationship, stating, "Relations in the overall partnership and strategic cooperation between the Russian Federation and the Chinese People's Republic have reached an unprecedented high level and continue to develop dynamically." Putin emphasized that energy cooperation is a pivotal facet of their partnership and is experiencing increasing dynamism. Igor Sechin, the head of Russian oil company Rosneft, highlighted that "over 75 per cent" of Russia's exports to China are related to energy, underscoring the depth of their collaboration. Sechin also disclosed that Russian gas exports to China are projected to reach a historic high in 2023, with over 30 billion cubic meters set for delivery. In a noteworthy development, Sechin revealed that Russia has surpassed Saudi Arabia as China's primary oil supplier in 2023. This comes in the midst of substantial Western sanctions on Russian oil, prompting Moscow to redirect deliveries to the Asian market, often at discounted rates. The Kremlin is actively working towards the construction of the "Power of Siberia 2" pipeline to further facilitate the delivery of natural gas to Beijing, with plans for construction commencing in the following year. This massive project aims to augment the supply of natural gas to China, marking a significant milestone in Russia's energy cooperation with China.