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Russian and Chinese experts attending the first meeting of the China-Russia Friendly Strategic Dialogue mechanism agreed on Thursday that a diversified energy-export strategy would benefit both countries.

 

Mihail Nikolaev, vice chairman of the Federation Council of Russia said although Russia is the world's largest exporter of natural gas and the second largest petroleum exporter, Asia received just 3 percent and 5 percent of those resources respectively, while the remainder went to Western countries.

 

Such an imbalance in Russia's energy export should be adjusted, said Nikolaev.

 

Lu Nanxiang, a researcher with the Russian Research Center of the Chinese Academy of Social Sciences, said energy cooperation was a key part in the China-Russia Strategic Partnership of Coordination.

 

The experts also discussed common challenges, such as the need to accelerate the construction of oil and natural gas pipelines.

 

Nikolaev said huge investment was required for energy exploration and pipeline construction, adding the implementation of cooperative projects will encounter many difficulties without the establishment of bilateral investment banking institutions.

 

The China-Russia Friendly Strategic Dialogue mechanism, which offers a platform for scholars and experts from the two countries to discuss issues of common concern and make recommendations for their governments, is jointly started by the China Association for International Friendly Contacts (CAIFC) and the Russian Institute of Security, National Defense and Justice.

 

(Xinhua News Agency September 29, 2006)