Against the backdrop of the Russia-Ukraine conflict, Russia is facing the dilemma of being marginalized by the West. In order to achieve a diplomatic breakthrough and economic development, Russia has decided to strengthen its "Look East" strategy and regard China as a key partner in achieving a breakthrough. Energy cooperation has become the "ballast stone" of Sino-Russian relations. Now, a "Power of Siberia 2" pipeline through China, Russia and Mongolia is about to be launched, and Russia has also launched a large-scale new energy cooperation project, opening up a large amount of oil and gas to China, and sending a positive signal to China to deepen cooperation.
Since October this year, Russia has launched an oil and gas project called "Vostok Oil" to China. Currently, the Chinese partner is conducting research on the project. At the same time, Russian Prime Minister Mishustin led a delegation on a two-day visit to China, aiming to comprehensively deepen cooperation with the Chinese side in various fields. Through Russia's statement and the itinerary of its visit to China at the end of the year, we can see that Russia is eager to draw a successful conclusion to Sino-Russian relations this year and pave the way for further cooperation next year.
Regarding the "Vostochny Oil" project, the Russian side said that the project will start transporting 30 million tons of oil in 2024 and reach 100 million tons by 2030. The target market includes not only China, but also ASEAN countries, India and other countries, and even countries in the Western camp such as Japan and South Korea. It is worth mentioning that in the project, Rosneft has an 85% stake, a Hong Kong ** company has 10%, and the remaining 5% is owned by a company in the United Arab Emirates.
While Russia is expanding into multiple markets, the goal of "looking east" is not limited to China. But in fact, at this stage, China is the only good friend that Moscow can rely on and trust. In contrast to India, which imports a lot of Russian oil, India is torn between the United States and Russia, and its currency transactions are limited. As for ASEAN, Russia has a limited say, and countries from the Western bloc, such as Japan and South Korea, are not in the picture. On the contrary, China has built many platforms for the development of political and economic exchanges, giving Russia more room for mediation in the international community.
This situation determines that Russia can only cooperate with China in a comprehensive, open and efficient way to realize the "Look East" strategy and make a substantial contribution to serving national interests. The primary goal of Russia's current economic development is how to sell oil to the Chinese market faster, better and more. Russia would not have been able to achieve these goals without China's support and investment, including the infrastructure of large-scale oil and gas projects. For this reason, Moscow** has launched a number of energy joint ventures in the hope of attracting China's active participation. In addition, for Russia, a country isolated by the West, further integration into the Chinese market will allow it to adapt to the new geo-economic landscape, especially after the Russia-Ukraine conflict.
For China, although the new energy era is emerging, for a long time, oil is still the "black **" and is the lifeblood of China's industry and agriculture, logistics and even national development. Due to the huge gap between our domestic oil reserves and production and consumption, we have always faced the dilemma of "oil shortage". Energy cooperation with major oil players in the Middle East through new energy routes, including the Arctic shipping routes, is crucial to solving China's energy security problems and promoting national development. We often say that Sino-Russian cooperation in the field of energy is complementary, has broad prospects and great potential.
To sum up, the cooperation between China and Russia in energy projects involves huge financial investment and is crucial to the strategic development and economic interests of both countries. Every issue and detail requires repeated consultations and negotiations, and the process is complex and disagreements may arise. It is precisely because of these differences that the construction of the "Power of Siberia 2" has not been able to start so far.
Recently, it has been reported that there are some disputes between China and Russia in terms of oil and gas, infrastructure funds, and transmission route planning. But what is certain is that driven by common interests, China-Russia practical cooperation has yielded fruitful results. Both sides have internal motivation to ensure the smooth progress of relevant projects and provide assistance for the long-term development of the country. With the arrival of the new year, we look forward to more good news from China-Russia cooperation.
Russia's approach to openness and cooperation has brought about a positive change, and it has decided to look eastward, focusing on the development and strengthening of energy cooperation with China. For Russia, China has become an indispensable partner for their market expansion and economic development. In the current situation of being marginalized by the West, Russia's further cooperation with China can support its smooth exit from difficulties. For China, Russia's energy cooperation can solve the energy needs of our country and provide new energy routes to ensure energy security. Although there are some differences and challenges in the cooperation between China and Russia in energy projects, both sides have shown strong internal motivation and are willing to ensure the smooth progress of the project and contribute to the long-term development of the two countries. As the new year arrives, we look forward to more progress and results in China-Russia cooperation.