Eighth East Russia Oil and Gas Forum to focus on pivot to East

The Eighth East Russia Oil and Gas Forum opened here Wednesday with the pivot to the East being one of the significant topics of this year, focusing on accessing new markets, optimizing routes, and rebalancing demand.

The forum, an annual international investment and exhibition event, will feature presentations of more than 40 major oil and gas projects planned for construction, modernization and implementation up to 2035 and beyond.

It serves as a professional international platform for dialogue and experience exchange among government and business representatives in the oil and gas sector of Eastern Siberia and the Far East.

"Eastern Siberia and the Far East are considered promising regions for increasing oil and gas production in Russia in the near future. Rich resources and low exploration of the territory promise successful exploration and the discovery of new fields, including large and unique ones," said Oksana Fedoseyeva, founder and CEO of Vostock Capital.

Energy cooperation between Russia and China in the Far East will also be addressed during the forum.

Chinese Consul General in Vladivostok Piao Yangfan highlighted at the opening ceremony that Russia continues to be China's largest supplier of crude oil and natural gas.

Sino-Russian energy cooperation covers the entire industrial chain, including oil and gas, coal, electricity, and nuclear energy, and is increasingly expanding into new energy fields, Piao said.

"Chinese enterprises are actively participating in the Kamchatka LNG transshipment complex dredging project and the Nakhodka methanol project. The two sides are also cooperating on the construction of the Far East gas pipeline and working together in the fields of hydrogen energy, renewable energy, solid waste treatment and sustainable development," she said.

Oleg Kozhemyako, the governor of Primorye Territory, said: "Already today, a large-scale investment project for the construction of methanol production facilities in the Russian Far East is being developed in Primorye Territory."

The project is in the Top 3 largest investment projects in the Far East and in the Top 10 in Russia, Kozhemyako said.

More than 150 participants, including commercial and technical leaders in the oil and gas industry, as well as representatives from regulatory bodies, are attending the forum.Delegates attend the Eighth East Russia Oil and Gas Forum in Vladivostok, Russia, July 3, 2024. The forum opened here Wednesday with the pivot to the East being one of the significant topics of this year, focusing on accessing new markets, optimizing routes, and rebalancing demand.