icon bookmark-bicon bookmarkicon cameraicon checkicon chevron downicon chevron lefticon chevron righticon chevron upicon closeicon v-compressicon downloadicon editicon v-expandicon fbicon fileicon filtericon flag ruicon full chevron downicon full chevron lefticon full chevron righticon full chevron upicon gpicon insicon mailicon moveicon-musicicon mutedicon nomutedicon okicon v-pauseicon v-playicon searchicon shareicon sign inicon sign upicon stepbackicon stepforicon swipe downicon tagicon tagsicon tgicon trashicon twicon vkicon yticon wticon fm

US sanctions & protectionism strengthen bonds between Russia and China

US sanctions & protectionism strengthen bonds between Russia and China
Energy ties between China and Russia will see deeper development as the neighboring countries are planning to jointly work on the Arctic shelf projects, according to Igor Sechin, CEO of Russia’s biggest oil company Rosneft.

“New growth points in Russian-Chinese cooperation could be joint development of the oil and gas resources on the shelves of the Arctic and Russia’s Far East, as well as development of navigation along the Northern Sea Route,” Sechin said at the first Russian-Chinese Energy Forum in Beijing.

The project, aimed at creating a major electrical power complex in the Far East region, looks promising, according to the Rosneft chief. The complex, which will reportedly be powered by coal and renewable energy, will mainly export energy to China.

“We may also boost cooperation in petrochemicals and gas processing,” Sechin said. “We see synergies from these interactions, Chinese banking services are more in demand, there is the opportunity to build vertically integrated networks and we have opportunities to work together in other countries.”

Over the past years, Moscow and Beijing have significantly increased energy cooperation, as energy-rich Russia has been using its proximity to China to reach the Asian nation’s growing market.

Moreover, both countries have found themselves in the middle of geo-political and trade tensions instigated by Washington. Numerous US sanctions against Russia, as well as the current trade spat between Washington and Beijing have forced China and Russia to further boost their partnership.

“Amid the politics of unilateral action and trade protectionism, strengthening Russia-China energy cooperation is extremely important for jointly securing energy security and shaping an open world economy,” China’s First Deputy Prime Minister Han Zheng said.

For more stories on economy & finance visit RT's business section

Dear readers and commenters,

We have implemented a new engine for our comment section. We hope the transition goes smoothly for all of you. Unfortunately, the comments made before the change have been lost due to a technical problem. We are working on restoring them, and hoping to see you fill up the comment section with new ones. You should still be able to log in to comment using your social-media profiles, but if you signed up under an RT profile before, you are invited to create a new profile with the new commenting system.

Sorry for the inconvenience, and looking forward to your future comments,

RT Team.