Page 14 - RusRPTJul23

oil and oil products to the Eastern markets from the Western markets last year,” he said as cited by Prime.
The redirection of nearly 40mn tonnes of oil and oil products from Western markets to Eastern markets was made possible due to the country's efficient infrastructure.
India emerged as a key destination for Russian energy exports. Oil exports to India skyrocketed by 19 times to 41mn tonnes in 2022 compared to the previous year. Coal exports tripled to 20mn tonnes, and exports of oil products doubled to 6.2mn tonnes.
China, another significant market for Russian energy, witnessed a substantial increase in imports. Exports of pipeline gas to China surged by approximately 50% to 15.4bn cubic metres, while LNG exports grew by 35.2% to 6mn tonnes. Oil exports to China rose by 28% to 89mn tonnes, and coal exports increased by 25% to 67.1mn tonnes. Additionally, Russia exported a record-breaking 4.7bn kilowatt-hours of power to China in 2022. Looking ahead, exports of pipeline gas to China are expected to rise by 43% to 22bn cubic metres this year.
Novak highlighted Russia's efforts to expand the geography of its energy exports, with more than 20 requests from different countries, primarily in Asia, for supplies of oil, oil products, and LNG in 2022. In order to ensure uninterrupted access to markets, Russia is considering the creation of a new system of mutual insurance and reinsurance clubs with friendly countries. This system aims to provide independence from insurance and banking services of unfriendly nations, ensuring stability and scalability in all types of supplies.
Russia is actively engaged in discussions for new long-term LNG contracts with Asia-Pacific countries and exploring the participation of Asian investors in Russian LNG projects. The construction of LNG plants in the Yamal Peninsula is expected to drive Russia's LNG production capacity to 100mn tonnes by 2030. Furthermore, combined exports of LNG and pipeline gas to the East are projected to increase by over five times to 170bn cubic metres in the coming years.
Apart from India and China, Russia is also exploring opportunities for industrial cooperation in energy projects with countries like Vietnam and Bangladesh, particularly in the renewable energy sector. The country is keen to contribute its expertise and collaborate on the construction and upgrading of thermal power plants in India.
14 RUSSIA Country Report July 2023 www.intellinews.com