Since the start of the Ukrainian conflict, Russia, a leading global oil producer, has cemented its energy ties with China, the world's No. 2 oil consumer after the United States.
Beijing has rejected Western criticism of its growing partnership with Moscow in light of Russia's conflict in Ukraine. It insists the ties do not flout international norms, and China has the prerogative to collaborate with whichever country it chooses.
About 40% of supplies flow via the 4,070-km East Siberia Pacific Ocean pipeline that was financed by Chinese loans worth an estimated $50 billion. From January to September, total Russian shipments grew by over 400,000 bpd from a year earlier, led by Urals, according to tanker tracker Vortexa.$4.34 billion by importing Russian oil, based on Reuters' comparison of the monthly price differentials between ESPO and Tupi crude from Brazil, and Urals versus Oman, using price information provided by traders.
Supplies via the Power of Siberia pipeline, which is not connected to the network of westbound Russian gas pipelines, began in late 2019 and are due to rise to 38 bcm a year by 2025, up from 10.5 bcm in 2021 and 15.5 bcm in 2022, under a 30-year contract worth more than $400 billion.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Russia's Putin to visit China as Beijing, Moscow ties strengthenChina has refused to condemn the war in Ukraine in an effort to position itself as a neutral party while also offering Moscow a vital diplomatic and financial lifeline.
Read more »
Russia offers to mediate Israel-Gaza negotiations, Putin says ‘no alternative’ to 2-state solutionRussian President Vladimir Putin is offering his country as a mediator between the Israeli Defense Force and Hamas militants.
Read more »
U.S. Should Prepare to Expand Its Nuclear Forces, Expert Panel SaysU.S. and allies need capability to fight China and Russia simultaneously, according to congressionally mandated commission
Read more »
Rep. Self to Newsmax: Iran, China, and Russia Are 'Evil Axis'Rep. Keith Self, R-Texas, told Newsmax on Friday that Iran, China, and Russia are an 'evil axis' working to 'destabilize America around the world.'
Read more »
China Joins Russia Sowing Doubt Whether US Can Aid Israel, UkraineWashington maintains it is capable of meeting Israel’s and Ukraine’s defense needs.
Read more »
List of Countries Putin Can Visit Without Fear Just Got SmallerArmenian President Vahagn Khachaturyan approved parliament's decision to join the International Criminal Court (ICC) on Saturday.
Read more »