Executive Secretary of the Presidential Commission on the Strategy for the Development of the Fuel and Energy Complex, Chief Executive Officer of Rosneft PJSC Igor Sechin noted the safety and reliability of supplies of Russian oil and other energy resources to the PRC.

“A significant part of Russian oil comes through the ESPO oil pipeline, which in the current situation is a more reliable transportation channel compared to tanker transportation through the Strait of Hormuz or the Suez Canal, due to the growing geopolitical instability of these regions,” Sechin said, speaking at the opening of the VI Russian-Chinese energy business forum.

“I would like to note that the strengthening of energy security and the development of mutually beneficial cooperation between our countries could be facilitated by China’s direct investments in Russian energy and related industries, in which attractive opportunities arise for our partners today,” said the head of Rosneft.

According to him, “such investments could create a significant synergistic effect, because Russia is one of the few countries that consistently invests in the development of traditional energy, and China over the past few years has turned from an importer into an exporter of capital.”

Thus, last year, direct investments announced by China in new projects abroad exceeded a record $160 billion, the head of Rosneft recalled. “We hope to increase Chinese direct investment in the Russian energy sector, which is characterized by high investment returns for investors and no risk of return on equity capital,” he added.

According to Igor Sechin, one of the promising areas of potential cooperation is the development of Arctic resources, where the Northern Sea Route project, the shortest route for delivering our energy resources to Asia, is now actively developing.

“The operation of the Northern Sea Route will require a high-ice-class tanker fleet, which can be created in cooperation with Chinese shipbuilders and component suppliers,” noted the head of Rosneft.

Rosneft
Information Division
July 23, 2024