Russia Energy Exports To China To Grow By 40 Percent: Deputy PM

[beijingwalker]

Russia Energy Exports To China To Grow By 40 Percent: Deputy PM​

By AFP - Agence France Presse
May 23, 2023

Russian President Vladimir Putin signing in 2014 the first segment of Power of Siberia pipeline that now transports Russian natural gas to China​

ALEXEY NIKOLSKY

Russian energy deliveries to China were set to grow by 40 percent this year, Deputy Prime Minister Alexander Novak said Tuesday, as Moscow seeks to deepen ties with Beijing in the face of Western sanctions.

Novak travelled to Shanghai as part of a delegation accompanying Russian Prime Minister Mikhail Mishustin.

Speaking at a Russian-Chinese Business Forum, Novak said energy was a key pillar of cooperation with China, adding that he expected supplies to grow by around 40 percent this year.

He also said that Russia and China were discussing plans cooperate on the "supply of the missing technological equipment," an apparent reference to shortfalls Russia is experiencing stemming from sanctions.

Russia's gas exports plummeted in 2022 after a flurry of Western sanctions over Moscow's offensive in Ukraine.

As Europe looked for other suppliers, Moscow turned to alternative buyers including China, with which it is already linked by the Power of Siberia pipeline.
Beijing and Moscow have drawn closer in recent years under a partnership that has served as a diplomatic bulwark against the West.

China has sought to position itself as a neutral party in Moscow's assault on Ukraine, but has refused to condemn Russia.
In March, Chinese leader Xi Jinping travelled to Moscow in what was widely seen as Beijing's support for internationally isolated Russian leader Vladimir Putin.

The 5 Stocks That Rule This Market—and Make Investors Nervous

Apple and its compatriots have returned an average of 50% in 2023, accounting for roughly 80% of the S&P 500’s 8% gain.

www.barrons.com

 

[aziqbal]

China should bank roll Russia

 

[beijingwalker]

There is no way China can aborb this much enery, China buys them only for reselling them somewhere else with some added margin.

 

[MeFishToo]

If the chinese refineries can keep up, gazoline and diesel export is going to absorb the discounted oil imports from Russia. Forget about natural gas. It will take decades for China to replace the european market - and why would China be interested in that.

 

[beijingwalker]

If the chinese refineries can keep up, gazoline and diesel export is going to absorb the discounted oil imports from Russia. Forget about natural gas. It will take decades for China to replace the european market - and why would China be interested in that.

China buys Russian oil and gas and resell them to Europe at a premium, you don't know that?

 

[MeFishToo]

China buys Russian oil and gas and resell them to Europe at a premium, you don't know that?

It doesnt matter if China is doing that, but it would be better to sell refined products. What matters is that Russia is selling oil way below its budgettet oil price.