Russia and China Generate One-Third of Global Energy, Says Igor Sechin

Dragon Media News Desk

Russia and China together generate about one-third of all energy produced globally, Rosneft Chief Executive Officer Igor Sechin said at the Russia-China Energy Business Forum held on the sidelines of the Eastern Economic Forum.

Sechin said bilateral trade between Russia and China has increased more than 50-fold over the past 30 years and now exceeds $200 billion.

According to him, China’s energy consumption last year was about 40 percent higher than the combined consumption of the United States and Europe. Russian supplies account for around 20 percent of China’s coal imports, while Russia is also the main supplier of enriched uranium to China.

Sechin said the Northern Sea Route has become an increasingly important energy transport corridor amid the crisis in the Middle East, adding that China enjoys priority access to the route.

He also argued that China has effectively taken the initiative from OPEC in stabilizing the global oil market.

Russia remains the largest crude oil exporter to China, with its share of Chinese oil imports reaching 23 percent, Sechin said.

He added that China has gained an economic benefit of more than $27 billion from the higher efficiency of purchasing Russian oil.

Sechin said all necessary conditions have been created for further Russia-China cooperation in the energy sector.

He also noted that bilateral settlements between Russia and China are now conducted almost entirely in rubles and yuan.