Novak: Russia supplies 94% of its oil exports to friendly countries and is considered a reliable partner

Novak said, during his speech at the eighth session of the Russian-Chinese Energy Business Forum, held on the sidelines of the East Economic Forum: “The most important thing is that Russia provides the market, in addition to its resources, with an element of reliability. Even in light of external pressures, the Russian energy sector fully fulfills its obligations and plays a role in stabilizing the global energy market.”

Novak pointed out that 94% of Russian oil exports are currently heading to friendly countries, as part of redirecting oil flows away from Western markets.

The Russian Deputy Prime Minister revealed that China will represent more than 60% of total Russian gas exports by 2030, which reflects the growing mutual dependence in the energy sector between the two countries.

LNG exports to China have increased 50-fold in a decade

Novak explained that Russian liquefied natural gas supplies to China have increased more than 50-fold over the past decade, bringing Russia into the list of the top three suppliers of liquefied gas to the Chinese market.

Novak also announced that Russia maintained its first position among oil suppliers to China, as Russian oil exports to the Chinese market increased by 25% during the first seven months of this year, which strengthens Moscow's position as a reliable strategic partner in the energy sector.

Today in Vladivostok, the activities of the eighth Russian-Chinese Energy Business Forum began. The forum has been held annually since 2018 in accordance with the agreements concluded between Russian President Vladimir Putin and Chinese President Xi Jinping.

This event is sponsored by the Presidential Committee for Fuel, Energy and Environmental Safety Sector Development Strategy and the National Energy Administration of China. Rosneft and China National Petroleum Corporation (CNPC) are participating in organizing the forum.

The Russian-Chinese Forum is held within the framework of the activities of the East Economic Forum, which concludes its work today.