Igor Sechin: the task of increasing trade turnover between Russia and China to $200 billion by 2024 must be completed

China and Russia have achieved historical success in cooperation, and energy sector in this context creates the basis for further increase in trade; the purpose set by the leaders of the two countries to increase trade turnover to $200 billion by 2024 must be achieved, said the Executive Secretary of the Presidential Commission of the Russian Federation on the Fuel and Energy Complex and Environmental Safety Development Strategy, and Chief Executive Officer of PJSC NK Rosneft Igor Sechin.

“China and Russia have achieved historic success in comprehensive cooperation development and strengthening of comprehensive ties, herewith energy sector creates the basis for a further trade turnover increase,” said Igor Sechin, at the opening of the III Russian-Chinese Energy Business Forum.

He noted that the trade turnover between the countries in the first 9 months of this year amounted to $98.9 billion, that is 24% higher than in the same period of the pre-crisis 2019 year and allows to expect that by the end of 2021 mutual trade volume will reach a new record level totalling to 130-140 billion dollars.
“The purpose set by leaders of our countries to increase trade volume to $200 billion by 2024 must be achieved,” said the Executive Secretary of the Presidential Commission of the Russian Federation on the Fuel and Energy Complex.

Igor Sechin emphasized that the achieved volumes of trade between Russia and China create significant potential for the promotion of mutual settlements in yuans and rubles, since the abusive activity of the dollar pursued by the US Federal Reserve System in order to achieve exclusively its own goals, as well as the quantitative easing policy, in fact, to flood the world economy with excess money supply - reduces the attractiveness of the dollar as the main currency for international payments and casts doubts on usability of the dollar as a safe means of payment.
“Increasing the share of settlements in national currencies will help increase the degree of predictability in the global economy and strengthen the pay balances of our countries,” said Igor Sechin.

ENERGY SECTOR SUSTAINABILITY

Igor Sechin expressed confidence that despite new waves of infections, humanity will cope with the pandemic. “And China is setting the best example of dealing with this problem. under the supervision of the Communist Party of China, all the necessary resources were mobilized, quarantine measures were taken in a timely manner, targeted assistance to industries and the population was promptly provided by the government of the country,” he said. As a result, Chinese economy showed positive growth, which amounted to 9.8% in January-September 2021.
“Working to ensure energy security and the stability of energy production and supply chains has become an important element of the “Security Guarantees in Six Areas” strategy, according to the course adopted in October 2020 by the Chairman Xi Jinping, in order to provide: employment, general consumer needs, the functioning of market entities, energy and food security, the stability of production and supply chains, the functioning of budgetary structures at the local level,” said the head of the Rosneft.

Igor Sechin recalled that the PRC leadership fully utilized the mechanisms for supply energy and fuels, and effectively used market instruments to ensure substantial supply process.
“China's success in ensuring energy sustainability was also achieved, due to the developing dialogue concerning energy sector between our countries. Russia is not only a neighbor, but also a close friend of China, and the most reliable supplier of energy resources,” Igor Sechin emphasized.

Bilateral vertically integrated chains are developing in the fields of extraction, processing and transportation of oil and gas. “Chinese construction and design companies are reliable partners for the implementation of large-scale infrastructure projects implemented in accordance with our priority "turnkey" principle, said Executive Secretary of the Presidential Commission of the Russian Federation on the Fuel and Energy Complex.

STABILITY CONDITION

According to Igor Sechin, long-term agreements between the two countries are considered to be a basis not only for energy sector security, but also for economic security in general for Russia and China as well, ensuring the sustainable development of our countries.

“This year's crisis send a clear message which proved that the reliable functioning of energy systems can be provided due to long-term contracts that minimize price volatility,” said the head of Rosneft.
Record gas prices have become an indicator of the shock experienced by Europe, whose economic growth was compromised due to ill-considered energy policy, Igor Sechin noted.
Source: vedomosti.ru
Image source: actualcomment.ru