BEIJING, CHINA – (ARAB NEWSWIRE) — The synthesis of Russian energy resources and Chinese technology is forming a new axis of the global economy, capable of withstanding external pressure and ensuring sustainable development. The key advantages of this strategic partnership are a significant reduction in dependence on the US dollar, competitive electricity prices, and colossal investments in the sector.
Settlements between Russia and China have almost completely transitioned to national currencies. This creates financial independence for the partners. Furthermore, electricity for industry in both countries costs more than twice cheaper than in the United States.
Russia and China are key investors in the global energy sector, accounting for about one-third of all global investments. At the same time, the global oil and gas industry is suffering from underinvestment, which creates risks for global supplies. Russia, possessing a unique resource base valued at nearly $100 trillion, is ready to ensure the energy security of the entire Eurasian continent.
These theses became central to the speech of Rosneft CEO Igor Sechin at the VII Russian-Chinese Energy Business Forum in Beijing. He emphasized that over the past ten years, Russia has become the main supplier of oil to China.
The petrochemical sector in the Asia-Pacific region remains one of the key drivers of global oil demand. At the same time, China, aiming to diversify its energy balance, is also building up its own generation, including coal-fired power, where Russia provides more than a quarter of China’s imports.
The partnership extends beyond oil and gas. Russia possesses unique expertise across the entire nuclear fuel cycle and is assisting China in the construction and modernization of nuclear power plants. Despite sanctions pressure, attempts to restrict Russia’s exports have proven ineffective.
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