With Russia under pressure to sell surplus volumes of oil and coal no longer going to the EU due to sanctions, China saved billions of dollars on cheaper purchases and made returns trading excess supplies
The visit comes just over a year after Russia launched what it calls a "special military operation" in Ukraine, triggering sanctions by the European Union on purchases of Russian seaborne crude and coal, and a price cap agreed by the Group of Seven on Russian crude oil in December.China, the world's top energy consumer, has not agreed to any of the moves.
It also brought large savings. Based on an estimated $10 a barrel discount for both ESPO and Urals crude on delivered basis, Chinese refiners saved about $5.5 billion over the April 2022 to January 2023 period, according toIndependent refiners in the eastern province of Shandong were the biggest beneficiaries. State refiners also gained from the cheaper oil, while others made profits from trading the barrels, traders said.
Average import prices of Russian coking coal were around $217.33 a tonne in 2022. That compares to an average of $364.66 a tonne for Australia's premium coking coal on a free-on-board basis.For LNG, China's imports from Russia soared over 40% on an annual basis in 2022 to 6.5 million tonnes, while exports rose as China re-exported volumes to top importers like South Korea, Japan and France.
China spent on average just under $20 per million British thermal units for each tonne of imported Russian LNG, Chinese customs data shows. This compares to an average Asian spot LNG price of $38.80/mmBtu in 2022.Electricity imports from Russia, mainly via a cross-border transmission line connecting northeast China and Russia's Far East, stayed steady over the period of 2017-2020 at about 3 billion kilowatt-hour .
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