Russia, China might deepen cooperation in oil refining, coal chemical sectors - ambassador
MOSCOW. July 29 (Interfax) - Russia and China still have many opportunities for energy cooperation, China's ambassador in Moscow, Zhang Hanhui told Interfax.
"There is still huge potential for Chinese-Russian trade in energy resources. Based on the current relatively mono-commodity trade in resources both sides can further deepen cooperation in the oil refining and coal chemical sectors, increase added value in the fossil fuel chain and strengthen cooperation in the area of renewable energy sources," Zhang said.
"I believe that Chinese-Russian energy cooperation will not only have a stronger foundation, but will also provide new points of growth for cooperation in the area of scientific and technical innovation, green energy and other areas," he said.
In the context of the global green transformation, China is still in the category of developing countries, and despite the goal of cutting carbon emissions by half, the base for future fossil fuel demand is still huge, the ambassador said.
"This particularly applies to demand for natural gas, it still has huge opportunities for growth," Zhang said. China is aiming for its greenhouse gas emissions to peak by 2030 and to achieve carbon neutrality by 2060.
The reduction of fossil fuel consumption after the peak in emissions in China will also be slow, he said.
Russia exported 4.1 billion cubic meters of gas to China through the Power of Siberia pipeline in 2020 and supplies are supposed to double in 2021. Russian LNG exports to China totaled 6.372 bcm last year, and more than 40 million tonnes of oil were transported to China via the Transneft pipeline system. Russia also exported 37 million tonnes of coal to China in 2020.