Russia, China plan cooperation in oil, gas equipment devt.

Russia and China intend to jointly engage in the development of oil and gas equipment that can be used in both countries, Russian Deputy Prime Minister Alexander Novak said on Tuesday.

“China is one of the key manufacturers of equipment for the oil and gas sector.

“There is already close cooperation on the supply of oil and gas equipment for projects in Russia.

“Chinese ship carriers are involved in maritime transportation between our countries, including LNG transportation.

“We plan to jointly engage in the development and production of equipment that can be used both in China and in Russia,” Novak said at the fourth Russian-Chinese energy business forum.

On Nov. 18, both countries agreed to expand cooperation in the development and use of power equipment.

Novak said in an interview with Rossiya 24 TV channel after a meeting of the Russian-Chinese intergovernmental commission, Trend reports citing TASS.

“Of course, there are new areas that we will develop in the future. Cooperation in the hydrogen energy sector, the introduction of modern digital technologies, collaborative manufacturing, and development of energy-related equipment for both the Russian and Chinese energy sectors,” Novak said.

Novak added that trade turnover between Russia and China in the energy sector had increased by 64 per cent in monetary terms and by 10 per cent in physical terms.

“China is our strategic partner in the Asia-Pacific region and in our trade in general.

“Our trade turnover in the energy sector has increased dramatically, rising by about 64 per cent in monetary terms.

“In physical terms, oil and gas supplies, as well as coal and electricity supplies increased by around 10 per cent,” he said.

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The government noted in a statement that Novak stressed that relations between Russia and China are not influenced by external market changes and are based on common fundamental interests and deep mutual trust and respect.