Director General of the Russian Committee on Mineral Resources Igor Shapurov stated that Russia’s proven reserves of oil and gas will be sufficient for 39 and 80 years, respectively, while coal reserves will be sufficient for a longer period.
“According to the updated National Register data, Russia’s proven reserves of oil will last for 39 years, gas for 80 years and coal for a longer period,” Shapurov said – in statements, according to the Russian news agency (TASS) on Friday.
He added that the share of proven reserves that will become profitable for oil is estimated at 65% of the reserves. The official pointed out that Russia’s profitable oil reserves will be sufficient for a much shorter period of 40 years, and that no inventory of coal and gas has been taken so far and for this reason it is not yet clear the share of their profitable reserves.
In Beijing, Russian Trade Representative in China Alexei Dakhnovsky said today that Russian imports from China may increase significantly this year.
In response to a request from journalists to comment on the volume of bilateral trade in the first half of the year, he said, “The figures are generally good and are a record for the second year in a row. The volume of trade has increased by 27.2% during the six months” -as reported by the Russian TASS news agency.
“We have a large trade surplus with China and we see that Russian exports to China grew by more than 48% and Chinese supplies to Russia – by 2% or more,” he continued.
According to him, this was “caused by a sharp rise in the prices of exchange goods: energy resources and minerals – the basis of Russian exports.”
He added, “It is generally not bad, because it seems to me that our imports from China after a period of transition to new conditions and adapting to the disruption of old supply chains, will show a significant increase by the end of the year, and in terms of numbers the percentage will not remain stable at 2.1% (the figure for the half first of the year) so the surplus accumulated in the first half of the year will help balance our trade at the end of the year.”
In response to a question about when Russia and China will be able to achieve their bilateral trade goal of $200 billion, he said: “I think this year we will reach $185-190 billion, and the number could be higher next year.
Regardless of that, I am confident of The goal set by the leaders of the two countries will be achieved, simply because we are neighbors and because we will develop bilateral trade and economic cooperation, and in the face of the collapse of old supply chains, China’s role as a trading partner is increasing.”
The authorities of Russia and China set a goal of increasing the volume of bilateral trade to $200 billion annually. In June, Russian Deputy Foreign Minister Igor Morgulov said that the annual trade volume between Russia and China could reach $200 billion ahead of schedule, by the end of 2022.
At the end of 2021, bilateral trade volume increased by 35.8% to $146.88 billion.