Beijing played host to the first meeting of the co-chairmen of the Intergovernmental Commission on Energy Cooperation – Deputy Prime Minister Arkady Dvorkovich and Chinese Vice Premier Wang Qishan. The two countries established the commission in December 2012 to improve the five year-old mechanism of Russian-Chinese energy dialogue.

In his opening remarks, Mr Dvorkovich said: “We are thoroughly preparing for the visit of Xi Jinping (General Secretary of the Communist Party of China) next March. We attach a great deal of importance to this visit. One of our tasks is to thoroughly prepare for this top-level meeting.” He added that Russia and China have “common approaches to many international and bilateral issues.” Mr Dvorkovich said Russia hopes to prepare a diverse new package of agreements ahead of Jinping’s visit. “We in Russia are satisfied with the development of our comprehensive, equitable, and trust-based strategic partnership and energy cooperation,” Mr Dvorkovich emphasised.

In his remarks, Wang Qishan said: “Energy cooperation has been extremely productive. We are expanding and deepening our ties in the oil and gas industry, nuclear energy, electrical engineering and energy efficiency.”

During a news conference after the meeting, Mr Dvorkovich recalled that Rosneft President Igor Sechin visited China last week. “He held consultations with all potential partners and came to terms with them on basic strategic agreements. In the next few months the sides will finalise them as detailed contracts,” Mr Dvorkovich said. “We hope they will allow Russia to increase crude oil supplies to China and to expand cooperation in oil processing under the Tianjin oil refinery project and in Russia in the future.”

“As for increasing Russian oil supplies to China, we have not yet determined the specific parameters, but in any event they should be sufficient for implementing the Tianjin oil refinery project. This amounts to about nine million tonnes of oil. China is interested in even bigger supplies,” Mr Dvorkovich said.

The sides also discussed gas supply terms. Mr Dvorkovich said it is possible to increase gas supplies to the East and other destinations. The sides hope to reach basic agreements by the end of March, he said, adding that “they will finalise their contractual commitments in several months.”

Russia also thinks Gazprom will be able to supply huge amounts of LNG from a plant that will be built in the Primorye Territory. Other companies, primarily Novatek, will also become large LNG suppliers under the Yamal LNG project.

Following the talks Mr Dvorkovich and Mr Wang Qishan signed the meeting protocol.

During the visit Mr Dvorkovich also saw the pipeline transport management centre of the Chinese National Petroleum Corporation.