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Business / Industries

China-Russia energy co-op promising: Chinese ambassador

(Xinhua) Updated: 2014-08-28 14:53

MOSCOW - China-Russia cooperation in the energy sector has brought tangible benefits to the two countries and is expected to yield more fruitful results, says Chinese Ambassador to Russia Li Hui.

"Energy cooperation is a crucial part of bilateral practical cooperation and testifies to the high-level China-Russia comprehensive strategic partnership of coordination," Li told Xinhua ahead of Chinese Vice Premier Zhang Gaoli's visit to Russia.

Zhang, who has wrapped up his visit to Turkmenistan, will attend the 11th meeting of the China-Russia Energy Cooperation Committee and a ground-breaking ceremony for the China-Russia east route gas project.

China-Russia energy co-op promising: Chinese ambassador
 
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China-Russia energy co-op promising: Chinese ambassador 
Li said the 10 meetings between the two countries' vice premiers in the past six years injected strong impetus into the grand project, adding that bilateral energy cooperation is complementary and mutually beneficial.

"Energy cooperation is an important issue for discussion when the heads of state of China and Russia meet every time, and it is also an essential part of all the communiques the two countries have inked throughout the years," said the ambassador.

In 2013, China imported 24.35 million tons of crude oil, 27.28 million tons of coal and 3.5 billion kwh of power from Russia, according to the diplomat.

He also said the first two reactors of the Tianwan nuclear power plant in East China's Jiangsu province, a major joint project between the two countries, have been put into trial operation and the other two are under construction.

During Russian President Vladimir Putin's visit to China in May, the two sides signed a series of agreements on such major projects as a $400-billion contract on gas supplies and an annual supply of 3 million tons of liquified natural gas.

"In general, the energy cooperation is in good condition ... but problems do exist," said the ambassador.

The main problem, Li noted, is that both sides have limited direct investment in the energy sector, which is incompatible with the scale of bilateral trade.

Beijing expects Moscow to further improve its investment environment and attract more Chinese energy enterprises to do business in Russia, and China is also ready to embrace more direct investment from Russia, he said.

The structure of bilateral practical cooperation has been changing these years as the Chinese and Russian governments work closely to promote major joint projects and deepen cooperation in such fields as oil and gas, nuclear energy and environmental protection, Li said.

With sustained joint efforts, China-Russia energy cooperation will definitely produce more win-win results and help bilateral trade volume reach 200 billion dollars, Li said.

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