The Chinese ambassador to Moscow, Zhang Hanhui, has confirmed that his country is open to expanding cooperation in the energy sector with Russia at all levels and phases.

The Russian news agency quoted the Chinese ambassador as saying, ahead of the joint meeting between Russian Prime Minister Mikhail Mishustin and Chinese officials, that his country is looking forward to expanding cooperation along the entire production chain in this industry.

As per the ambassador, both countries are cooperating in the energy sector to face global volatility and external challenges and risks. Each country is working to achieve global energy security.

According to Reuters, citing the website of the Russian Embassy, discussions are currently active on the new Russian gas pipeline “Power of Siberia 2″ and the technologies and economies of the project.

The ambassador also conveyed his country’s call for the integration of the efforts of upstream and downstream countries through the new gas project, so that cooperation is not limited to intra-trade only but extends to all sectors of industry and production chains.

It is worth noting that gas exports to China and commercial exchange have already increased since the outbreak of the war between Russia and Ukraine and the economic rift that has arisen between Europe and Russia, as well as China’s desire to diversify its energy sources as part of its plan to ensure energy security.

In September of last year, as per Sky News, the Russian Ministry of Energy announced that Russia’s gas exports to China will reach 22 billion cubic meters in 2023. It is planned to rise to 30 billion cubic meters in 2024.

In general, the annual commercial exchange between Russia and China is about 200 billion dollars. According to the global circumstances and the successive statements from both sides, experts expect this number to increase by 50% in 2024 to reach 300 billion dollars.