Russia has ‘unlimited’ energy resources – Putin

19.10.2024 17:33

Photo: Sputnik/Sergey Bobylev

Russia has an unlimited amount of energy resources, President Vladimir Putin said during a BRICS media gathering on Friday. He noted the importance of commodity exports to China, and described Russia as the most reliable supplier.

Putin said mutually beneficial cooperation between Moscow and Beijing is helped by the fact that they are neighbors and do not need to transport fuel and other goods by water.

“The entire border is shared, and the energy resources in Russia are simply unlimited,” Putin stated.

Chinese representatives are happy to buy Russian energy resources, the president noted, adding that Russia ranks fourth in its share of China’s trade.

Russia’s trade with China topped $65 billion in the first half of this year, with levels of natural-resource exports hitting new highs, Vedomosti reported in July, citing Chinese customs data.

Exports of Russian goods to China jumped 4% year-on-year, surging to a record $65.2 billion between January and June of this year, with oil and gas supplies accounting for nearly 90% of shipments, according to the latest figures.

During that period, China purchased mineral oil and other petroleum products worth $50 billion, compared to $47 billion in the same period of last year.

Russia has the world’s largest natural gas reserves and is the second-largest producer of natural gas. It is the third-largest producer of oil, accounting for over 12% of global production, and its share of the enriched uranium market is estimated at 40%. The country is also among the ten largest producers of nickel, and the world’s third largest producer of titanium.