Russia and China now account for one-third of global energy production, while bilateral trade has increased more than 50 times over the past 30 years, Rosneft CEO Igor Sechin said at the Russia-China Energy Business Forum during the Eastern Economic Forum.
The Northern Sea Route is becoming an increasingly important energy corridor amid instability in the Middle East, with China receiving priority access.
Russia and China together account for around one-third of global energy production, while China’s energy consumption last year exceeded that of the US and Europe combined by 40 per cent.
Russian supplies provide around 20 per cent of China’s coal imports, while Russia remains a key supplier of enriched uranium for China’s nuclear industry.
Russia is China’s largest oil supplier, accounting for around 23 per cent of China’s oil imports, while more efficient Russian oil purchases have generated over $27 billion in economic benefits for Beijing. — SPUTNIK
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