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China and Russia could deepen their energy cooperation as Beijing is interested in working with Russia to develop nuclear power and wind power projects in the Arctic region, Sputnik reported on Monday, citing a senior official of the State Grid Corporation of China.
Russia and China already have deals to build nuclear power reactors in China, while the two countries could also develop the wind resources of the Arctic, Ou Xiaoming, chief representative of the State Grid Corporation of China, said.
“Taking advantage of the State Grid’s technologies on renewable energy storage and high voltage electricity transport, both sides can push forward the development of renewable energy to replace traditional fossil energy, which would carry great importance in Russia’s plan to optimise the global energy landscape”, the Chinese executive said, as carried by Sputnik.
Russia’s state nuclear power company Rosatom has recently signed a deal with subsidiaries of China National Nuclear Corporation (CNNC) for nuclear fuel supply for the new reactors at the Tianwan nuclear power plant (NPP) in China. Tianwan NPP is the largest facility built as part of the Russian-Chinese economic cooperation, Rosatom says.
In Russia’s Arctic, China is active with financing in the Russian liquefied natural gas (LNG) projects Yamal LNG and Arctic 2 LNG.
China National Petroleum Corporation (CNPC) owns 20 percent and the Chinese Silk Road Fund holds 9.9 percent in the Yamal LNG project, which began commercial operations at the end of 2017.
In April, Russian gas producer Novatek signed agreements with two Chinese companies, under which the Asian firms would become shareholders in the Arctic LNG project with 10 percent each. CNOOC and China National Oil and Gas Exploration and Development Company (CNODC), a wholly owned subsidiary of CNPC, are now shareholders in the Arctic LNG project with a 10-percent participation interest each. Last month, the partners in the Arctic LNG 2 venture approved the final investment decision for the plant, whose first train is expected on line in 2023.
By Tsvetana Paraskova for Oilprice.com
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Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews.