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Russia looks to China for energy exports

Russia looks to China for energy exports
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Russia’s energy companies continue to pivot away from Europe and towards Asia for future sales.

On a visit to Beijing, the Russian Prime Minister Dmitry Medvedev signed a number of deals that are set to fund costly production and pipeline projects.

With Europe taking less gas from Russia, the country needs fresh customers to keep its economy from slowing.

Medvedev said he has strong hopes for the future of the agreements that have just been signed.

He added that he “very much hopes that the cooperation agreements that we are currently talking about, including natural gas, can be quickly agreed upon”.

The Kremlin’s coffers will benefit from Rosneft’s outline agreement for a pre-paid deal worth the equivalent of 62 billion euros. It will supply 200,000 barrels per day of crude oil over 10 years to China’s Sinopec Group.

The independent gas company Novatek also secured a long-term contract to supply liquefied natural gas to China, as state-controlled Gazprom’s export monopoly on such gas ends next year.