Achievements made in China-Russia energy cooperation

China and Russia are said to be strengthening cooperation in energy, which has become major driving force for bilateral economic ties.

File photo of Russia's Prime Minister Dmitry Medvedev. [Photo: VCG]

At the same time, Chinese authorities are suggesting bilateral trade volumes are expected to reach new highs this year.

The Harbin-Suifenhe-Russia-Asia multi-modal transportation route was first launched in 2016.

Zhang Tingting is a manager of a logistics firm in Suifenhe, China's main border link with Russia in the province of Heilongjiang.

She says economic ties between China and Russia are becoming closer and closer thanks to better transportation.

"The containers being shipped across the border are filled with panels produced by manufacturers in Suifenhe. They are bound for other countries. This year marks the 70th anniversary of the establishment of China-Russia diplomatic ties. Our relations are at the highest point in history. As a result, our business is running very smoothly."

Russia surpassed Saudi Arabia as China's largest source of foreign crude oil in 2016.

Russia exported 1.2 million barrels per day to China in 2017.

Last year, the Yamal LNG plant, a joint venture based around a liquefied natural gas plant in the Yamal Peninsula in Russia, started operation.

It's scheduled to provide China with 3 million tons of liquefied natural gas every year.

Russian Prime Minister Dmitry Medvedev says this project goes beyond economics.

"The project proves that China and France are trustworthy partners of Russia. It also promotes the development of multi-national infrastructure, which includes the Arctic route linking Europe and Asia."

Official data shows China-Russia bilateral trade through the first quarter of this year hit 33 billion U.S. dollars, up 11 percent year on year.

Luo Weidong with China's Ministry of Commerce says this has been achieved through growth in a number of areas.

"During the first three months of the year, our bilateral trade in mechanical and electrical products grew by 5 percent compared with last year. Agricultural imports from Russia grew by 12 percent. We will gain results in areas such as oil, gas, nuclear power, aerospace and the digital economy. We will also start negotiations for a Eurasian economic partnership agreement with Russia."

Plans to link the Belt and Road Initiative with the Eurasian Economic Union are expected to help bolster economic links with Russia, which officials hope will double in the next 5-years to 200-billion US dollars.