Present Aspects, Prospects And Strategy Suggestions Of China-Russia Oil Cooperation

This article analyzes historical background, present aspects, future prospects and high significance of China - Russia oil cooperation. For the purpose of having better and more extensive cooperation between China and Russia, this article proposes appropriate strategy suggestions.The main conclusion I made is below:People's Republic of China is the World's second largest oil importer; Russian Federation is the second largest oil exporter after Saudi Arabia. In the aspect of oil development, China's strategic objective is to establish oil reserves as well as diversify oil import models. At the same time, the main strategic purpose of Russia is to achieve diversification of oil export directions and to seize the opportunity in holding dominant position of international oil output. Trade purposes of two countries complement each other, their oil strategy has common interests. These are the fundamental elements of China - Russia oil cooperation. This cooperation has already been proceeding for nearly two decades bringing significant achievements. During this time the most important basis of China - Russia strategic cooperative partnership has been established. Chine has provided credit in the amount of 25 billion American Dollars. While Russian Federation has provided about 30 million tons of oil to China. Furthermore, Russia has already become the forth main source of China's oil import. Nowadays the cooperation between China and Russia faces new challenges. For example, over-high of international oil prices, lack of unified management in cooperation, or international political factors, etc. In order to conquer such challenges and make a new breakthrough in oil cooperation, China and Russia have to implement effective policy. First of all, is to enhance national or regional communication and, according to the actual situation, to set up targeted energy strategy and energy policy. Secondly, our countries have to improve the legal system in relation of energy sphere, to strengthen management, to establish specific departments, and to enhance international competitive forces of all domestic oil companies. Thirdly, is to strengthen diplomatic cooperation between China and Russia, to provide good political environment for energy cooperation, improving the strategic energy partnership between our countries, and to reinforce the significant value of China -Russia energy cooperation.