Xi proposes all-round energy cooperation between China and Russia

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Chinese President Xi Jinping and his Russian counterpart Vladimir Putin attended the second Russian-Chinese Energy Business Forum on Friday, which is part of the 23rd St. Petersburg International Economic Forum.

President Xi proposed all-round energy cooperation between China and Russia during the forum, noting that energy serves as an important foundation for social and economic development.

The energy trade between the two countries reached 40 billion U.S. dollars last year, contributing a significant part of the total 107.1 billion U.S. dollars.

Chinese President Xi Jinping attends the second Russian-Chinese Energy Business Forum, June 7, 2019. /CGTN screenshot

Xi also called for close energy cooperation between the two countries to maintain international energy order.

Russian President Vladimir Putin said the energy business is gaining momentum, giving the two countries a chance to expand bilateral cooperation in the field.

Russia is one of the major sources of oil and gas to China. Putin said Russia encourages the presence of Chinese companies in the Russian market. The two should expand cooperation in nuclear energy and science and technology research.

Russian President Vladimir Putin attends the second Russian-Chinese Energy Business Forum, June 7, 2019. /CGTN screenshot

President Xi's four proposals on energy cooperation

President Xi Jinping proposed four suggestions for better energy cooperation between China and Russia during the forum.

First, adhere to the leading role of companies in energy cooperation. Companies are the main force for China-Russia energy cooperation. The two countries should adhere to the principle of mutual benefit, win-win and commercial use in energy cooperation. It is necessary to coordinate financial insurance and energy cooperation, and explore new models of financing.

The first ship carrying LNG from Russia's Yamal Peninsula in the Arctic arrives in China in 2018. /VCG Photo

Second, tap into new potentials, improve the quality and upgrade the bilateral energy cooperation. The two countries should carry out demonstration projects in the energy field, strengthen scientific and technological innovation, and deepen the integration of information technology and energy industry, and promote the use of big data and artificial intelligence in energy cooperation.

Third, the two countries should facilitate the integration of interests, and promote all-round cooperation in the energy field. China-Russia energy business is long-term strategic cooperation. The two governments and companies should be confident in the future cooperation and continue to complement each other.

Energy has been an essential area of cooperation between China and Russia. /VCG Photo

Fourth, improve China and Russia's global governance on energy cooperation. As two energy powers, China and Russia play a constructive role in the new global energy governance system and should bring more positive energy.

Live: Xi and Putin attend Russian-Chinese Energy Business Forum

About 400 representatives from 100 energy companies participated in the second China-Russia Energy Business Forum on Thursday at St. Petersburg in Russia, during which 20 bilateral meetings were held and 17 joint agreements were signed.

During the forum, key issues on China-Russia energy cooperation in the fields of petroleum, gas, electricity and finance are discussed.

St. Petersberg is the second stop of President Xi's three-day visit to Russia.

The third Energy Business Forum will be taking place in China next year.