China and Russia are advancing their high-level energy partnership, according to Xinhua, which reported on Vice Premier Ding Xuexiang’s remarks following a meeting with Russian Deputy Prime Minister Alexander Novak. The two officials co-chaired the 21st session of the China-Russia Energy Cooperation Committee.
Ding proposed expanding cooperation across various segments of the energy sector. He also suggested optimizing relevant policies to support new energy projects and enhance bilateral relations.
Since Russia’s invasion of Ukraine in 2022, China has emerged as Russia’s largest energy customer. In the first half of this year, China imported 15.2 billion cubic meters of Russian gas through the Power of Siberia pipeline, as reported by Bloomberg. Europe, the second-largest buyer, imported 14.6 billion cubic meters during the same period.
Following the Ukraine invasion, Russia also became China’s top oil supplier. Last year, Russia’s oil exports to China rose by 24% to 107.02 million tons, accounting for 19% of China’s total oil imports. This shift pushed Saudi Arabia to second place, providing 15% of China’s oil imports.
In addition to oil and gas cooperation, Russia and China are exploring increasing Russian electricity exports to China. Earlier this decade, Russia boosted its electricity exports to help China during a power shortage. In October 2021, Russia doubled its electricity exports to China in response to power rationing in the Asian giant.
However, in August of last year, Russia reduced its electricity exports to China through the Amur-Heihe power line from 600 MW to 100-200 MW due to shortages in Russia’s Far East. Future increases in electricity exports will consider demand trends in the Far East, according to recent discussions.