The Russian-Chinese Energy Business Forum has become an important institutional foundation for the constructive energy cooperation of Russia and China

The Second Russian-Chinese Energy Business Forum (the Forum) took place at the 2019 St. Petersburg International Economic Forum on June 6-7.

The Forum’s main agenda was “Promotion of the Russian-Chinese energy cooperation along the entire production chain, in exploration and development, shipments, refining, and marketing of products.”

Speaking at a meeting with participants of the Forum, President of the Russian Federation Vladimir Putin and President of the People’s Republic of China Xi Jinping assessed positively the results of the Russian-Chinese energy cooperation in recent years and outlined strategic goals for its further expansion.

“I believe the regular arrangement of the Russian-Chinese Energy Business Forum to be a quite useful and important aid in the development of the bilateral partnership. And not in the energy sector alone but also in the other sectors of the economy. You know, the energy sector provides support to many related sectors,” President Vladimir Putin said at the meeting of the Russian and Chinese leaders with participants of the Russian-Chinese Energy Business Forum.

“Energy is one of the key, most dynamically developing areas of the Russian-Chinese interaction. My colleague and friend Xi Jinping and I consider the matters of energy cooperation a priority, and we support joint initiatives and projects,” Putin said.

“The energy industry is one of the most important, productive, and broadly encompassing elements in this bilateral cooperation. Last year the amount of trade and energy resources between Russia and China exceeded $40 billion, amounting to a tangible figure of our record turnover at the level of $100 billion,” President of China Xi Jinping told.

“I hope that the companies from both countries, upon the principles of mutual benefit and upon commercial viability, will be more active in mutual consultations and contacts and search for various cooperative projects in searching interested partners and working together within the optimal joint projects. It’s important to strengthen mutual promotion and support for the energy projects so that the financial and insurance institutions from both countries could also be deeply engaged in the full cycle of the implementation of the energy-related projects, and thus renew the model of financial and insurance facilitation for the purpose of sound financial support for the energy cooperation between our two countries,” he noted.

The Russian-Chinese Energy Business Forum is established upon an initiative of the President of the Russian Federation and President of the People’s Republic of China. The Provision for the Forum was signed and published in accordance with the arrangements to institutionalise the Forum reached by First Vice Premier of the State Council of the People’s Republic of China Han Zheng and Executive Secretary of the Presidential Commission on the Strategy for the Development of the Fuel and Energy Industry and Environmental Safety Igor Sechin. The Forum was defined as an open and organised platform for dialogue targeted at companies of energy and related sectors, financial institutions, sectoral associations, research institutions, and think-tanks. The Forum is hosted annually, in Russia and China in turns. The Provision was signed by Director of the National Energy Administration of China Zhang Jianhua and Executive Secretary of the Presidential Commission Igor Sechin.

The Forum gathered over 100 companies engaged in oil and gas development, power generation, coal mining, nuclear and renewable energy, energy equipment manufacturing, finances, and IT from Russia and China.

Several panels were established at the Forum: Banking, Oil&Gas, and Power. Participants of the event took their time to discuss key matters of bilateral energy cooperation in detail, such as the financial support for integrated energy cooperation, implementation of energy projects in the Arctic, cooperation in smart and green energy, support for technology breakthroughs, and development of digital technology in the energy sector.

Officials and experts introduced the sectoral policies of Russia and China related to oil and gas and power generation industries, their regulatory systems, development plans, and policies towards foreign investments, to participants of the Forum.

Dozens of bilateral meetings took place at the Forum. Over the last two forums 33 agreements have been signed between Russian and Chinese companies.

Government agencies, businesses, and financial institutions enjoyed an effective dialogue related, among other things, to the interaction of business circles and regulatory matters. Russia and China attained major arrangements based on the entrepreneurship principles, recognising the need of the two countries to work together and the existing potential for cooperation.

The Forum becomes an important platform for constructive energy cooperation of Russia and China.

The Third Russian-Chinese Energy Business Forum will be hosted in China.

Rosneft Information Division
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