MOSCOW (Pakistan Point News / Sputnik - 12th October, 2022) Energy cooperation between China and Russia is an integral part of the bilateral economic partnership and has "great potential," Jian Jiao, Deputy General Director for Foreign Economic Cooperation at Chinese company Xuan Yuan Industrial Development, said on Wednesday.
"Cooperation in the energy sector is an integral part of economic cooperation between China and Russia. I believe that bilateral cooperation in energy sphere has a great potential and a bright future," Jiao said on the sidelines of the Russian Energy Week (REW) in Moscow.
The REW conference dedicated to global energy in multipolar world started on Wednesday and will run until Friday. The agenda includes cooperation on global markets, new solutions for the fuel and energy sector, technological sovereignty and digital transformation, as well as ecology and climate topic.
On Monday, EU foreign policy chief Josep Borrell said that the European Union's prosperity used to be based on cheap energy from Russia and Chinese markets, which provided the bloc with technology transfer, investment and buying of cheap goods, but now the EU needs to look for energy sources inside Europe and restructure its economy.
The start of hostilities in Ukraine in February exacerbated the energy crisis unfolding in Europe over the past year. Disruptions in logistical and financial operations due to the crisis and Western sanctions against Russia have undermined supply chains and led to a spike in energy prices worldwide.
