https://www.scmp.com/rss/323220/feed A rapidly evolving global energy landscape has shaped international relations in recent years. China’s foreign policy has also been adapting to the changes as energy security and cooperation become an increasingly important part of the country’s economic and diplomatic agenda. en https://assets.i-scmp.com/static/img/icons/scmp-meta-1200x630.png https://www.scmp.com Since Russia invaded Ukraine, all eyes have been on China – waiting to see whether the world’s second-largest economy would provide support to its northern neighbour and “strategic partner”, either diplomatic or economic. Nearly three months on, there has been no trace of direct diplomatic support from the China side, but there also has not been a condemnation of Russian aggression that many Western politicians had hoped for. On the other hand, the latest trade figures between the two countries... https://www.scmp.com/economy/china-economy/article/3178576/chinas-appetite-russian-energy-being-hit-diminishing?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3178576/chinas-appetite-russian-energy-being-hit-diminishing?utm_source=rss_feed Sun, 22 May 2022 15:00:25 +0000 Russia’s Gazprom on Saturday halted gas exports to neighbouring Finland, the Finnish gas system operator said, the latest escalation of an energy payments dispute with Western nations. Gazprom Export has demanded that European countries pay for Russian gas supplies in roubles because of sanctions imposed over Moscow’s invasion of Ukraine, but Finland refuses to do so. “Gas imports through Imatra entry point have been stopped,” Gasgrid Finland said in a statement. Imatra is the entry point for... https://www.scmp.com/news/world/europe/article/3178623/russia-cuts-gas-finland-over-payments-dispute?utm_source=rss_feed https://www.scmp.com/news/world/europe/article/3178623/russia-cuts-gas-finland-over-payments-dispute?utm_source=rss_feed Sat, 21 May 2022 05:34:40 +0000 Tokyo has upped the ante in its territorial dispute with Beijing, with Prime Minister Fumio Kishida on Saturday slamming China’s suspected test drilling in the disputed East China Sea as “unacceptable”. Kishida’s remarks came on the eve of Joe Biden’s arrival in Tokyo for his first official visit as US president, following a trip to South Korea. Countering China is believed to be high on Biden’s agenda when he lands in Japan on Sunday. He and Kishida are expected to firm up the US-Japan military... https://www.scmp.com/news/asia/east-asia/article/3178618/chinese-gas-exploration-east-china-sea-unacceptable-says-japans?utm_source=rss_feed https://www.scmp.com/news/asia/east-asia/article/3178618/chinese-gas-exploration-east-china-sea-unacceptable-says-japans?utm_source=rss_feed Sat, 21 May 2022 04:38:00 +0000 At least five Chinese companies will have to stop work on Russia’s Arctic LNG 2 project in northern Siberia by the end of this month, according to an industry publication, due to EU sanctions against Moscow over its invasion of Ukraine. But one Chinese fabricator told the South China Morning Post that it remained “in close communication with the parties involved”, as the situation was “changing every day”. “There is no final word on this matter yet,” said a source with Tianjin-based Bomesc... https://www.scmp.com/news/china/diplomacy/article/3178572/chinese-firms-told-stop-work-russian-arctic-lng-2-project-due?utm_source=rss_feed https://www.scmp.com/news/china/diplomacy/article/3178572/chinese-firms-told-stop-work-russian-arctic-lng-2-project-due?utm_source=rss_feed Fri, 20 May 2022 13:00:17 +0000 Energy cooperation between China and Russia is expected to step up, according to observers in China, as Europe looks to wean itself off Russia’s oil and gas after the Ukraine war. The assessment was made during a closed-door seminar hosted by Renmin University in Beijing by a group of Chinese diplomatic researchers looking into the war’s impacts on China and the global economy. It also came as Russia, which produced roughly 10 per cent of global oil and supplied some 40 per cent of Europe’s gas... https://www.scmp.com/news/china/diplomacy/article/3177618/china-russia-tipped-power-energy-ties-europe-weans-itself?utm_source=rss_feed https://www.scmp.com/news/china/diplomacy/article/3177618/china-russia-tipped-power-energy-ties-europe-weans-itself?utm_source=rss_feed Sun, 15 May 2022 08:00:27 +0000 Russia will suspend electricity supplies to Finland this weekend, a supplier said on Friday as tensions rise over Helsinki’s Nato bid following the conflict in Ukraine. “We are forced to suspend the electricity import starting from May 14,” said RAO Nordic, a subsidiary of Russian state energy holding Inter RAO that sells its electricity on the Nordic market. It blamed the suspension on not having received payment for electricity sold in May and said as a consequence it was no longer able to pay... https://www.scmp.com/news/world/russia-central-asia/article/3177725/russia-cut-electricity-finland-amid-ukraine-tensions?utm_source=rss_feed https://www.scmp.com/news/world/russia-central-asia/article/3177725/russia-cut-electricity-finland-amid-ukraine-tensions?utm_source=rss_feed Fri, 13 May 2022 17:51:08 +0000 President Vladimir Putin said on Thursday that the West had triggered a global economic crisis and a wave of ruinous inflation by imposing on Russia the most severe sanctions in recent history over the conflict in Ukraine. Putin’s February 24 order of a “special military operation” in Ukraine prompted the United States and its allies to impose sweeping sanctions on Moscow and the Russian elite, steps the Kremlin chief casts as a declaration of economic war. The West’s sanctions, Putin said, were... https://www.scmp.com/news/world/russia-central-asia/article/3177544/ukraine-war-russias-putin-says-western-sanctions?utm_source=rss_feed https://www.scmp.com/news/world/russia-central-asia/article/3177544/ukraine-war-russias-putin-says-western-sanctions?utm_source=rss_feed Thu, 12 May 2022 15:22:10 +0000 Ukraine and Russia clashed over natural gas sent via pipelines to Europe in a dispute that could disrupt supplies from the former Soviet Union nation for the first time since the war started. The Gas Transmission System Operator of Ukraine said Russian gas flowing via one of two key entry points will stop from Wednesday as occupying forces disrupt operations, according to a statement on its website. The network manager said the fuel could still be rerouted to avoid a supply interruption. But... https://www.scmp.com/news/world/russia-central-asia/article/3177251/ukraine-cuts-some-russian-gas-flow-europe?utm_source=rss_feed https://www.scmp.com/news/world/russia-central-asia/article/3177251/ukraine-cuts-some-russian-gas-flow-europe?utm_source=rss_feed Tue, 10 May 2022 20:46:44 +0000 Until mid-2021, the number of proposed coal-fired power plants in Vietnam and Indonesia was second only to those in China and India. Vietnam was also considering increasing coal power capacity by 2030 in a draft development plan released in September. Yet at the United Nations Climate Change Conference (COP26) in November, Vietnamese Prime Minister Pham Minh Chinh made a surprise pledge to achieve net-zero carbon emissions by 2050. All eyes are now on how this pledge to adopt a more extensive... https://www.scmp.com/week-asia/economics/article/3176844/after-cop26-pledge-can-vietnam-revive-flagging-wind-solar?utm_source=rss_feed https://www.scmp.com/week-asia/economics/article/3176844/after-cop26-pledge-can-vietnam-revive-flagging-wind-solar?utm_source=rss_feed Sun, 08 May 2022 07:00:25 +0000 President Vladimir Putin warned on Wednesday that if any other country intervenes in Moscow’s military operation in Ukraine, Russia will launch a quick-fire military response. Speaking to lawmakers, Putin said that “if anyone sets out to intervene in the current events from the outside and creates unacceptable threats for us that are strategic in nature, they should know that our response … will be lightning-fast”. The Russian leader said that the military would not hesitate to use the most... https://www.scmp.com/news/world/russia-central-asia/article/3175756/vladimir-putin-vows-lightning-response-ukraine?utm_source=rss_feed https://www.scmp.com/news/world/russia-central-asia/article/3175756/vladimir-putin-vows-lightning-response-ukraine?utm_source=rss_feed Wed, 27 Apr 2022 22:45:25 +0000 Bulgaria accused Russia of abusing its gas exports as an economic and political weapon, following the announcement by Russian energy company Gazprom that it would stop supplying the EU country. “Bulgaria will not negotiate under pressure,” Energy Minister Alexander Nikolov said, adding that the supply for important clients was secure for at least another month. Further steps will be decided at a meeting of experts on Wednesday. “Bulgaria is a long-term loyal partner on the basis of the existing... https://www.scmp.com/news/world/russia-central-asia/article/3175620/ukraine-war-russia-suspending-gas-supplies-poland?utm_source=rss_feed https://www.scmp.com/news/world/russia-central-asia/article/3175620/ukraine-war-russia-suspending-gas-supplies-poland?utm_source=rss_feed Tue, 26 Apr 2022 19:46:54 +0000 China will maintain “high-level cooperation” in energy with Saudi Arabia, President Xi Jinping told Crown Prince Mohammed bin Salman on Friday, as the war in Ukraine continued to push up fuel prices. In a call between the two leaders, Xi said China “prioritises developing relations with Saudi Arabia”. They also exchanged views on Ukraine, and agreed to deepen cooperation in energy, trade, high technology, transport, and infrastructure, according to a statement from the Chinese foreign... https://www.scmp.com/news/china/diplomacy/article/3174455/china-and-saudi-arabia-reaffirm-strong-energy-ties-ukraine-war?utm_source=rss_feed https://www.scmp.com/news/china/diplomacy/article/3174455/china-and-saudi-arabia-reaffirm-strong-energy-ties-ukraine-war?utm_source=rss_feed Fri, 15 Apr 2022 16:05:13 +0000 Russian President Vladimir Putin accused Western banks of failing to make payments for Russian gas, just two weeks after demanding such payments be made in roubles. “There are defaults on export deliveries of Russian energy resources,” Putin said during a meeting about the development of Russia’s energy sector, parts of which were broadcast on state television on Thursday. “Banks from these extremely unfriendly states are withholding the transfer of payments,” the president said. In late March,... https://www.scmp.com/news/world/europe/article/3174385/ukraine-war-putin-accuses-western-banks-failing-make-gas-payments?utm_source=rss_feed https://www.scmp.com/news/world/europe/article/3174385/ukraine-war-putin-accuses-western-banks-failing-make-gas-payments?utm_source=rss_feed Fri, 15 Apr 2022 06:17:20 +0000 University of Chicago professor and author John Mearsheimer has drawn heavy criticism for his analysis of Russia’s invasion of Ukraine. His argument that the war in Ukraine was the West’s fault because it supported states that neighboured Russia and expanded Nato has come under fire from many analysts in the Western world and unleashed a fresh wave of criticism of his body of work across traditional and social media. Interestingly, his analysis is respected in India. The Indian administration... https://www.scmp.com/comment/opinion/article/3174014/indias-reasons-not-joining-west-ukraine-go-beyond-economics-and?utm_source=rss_feed https://www.scmp.com/comment/opinion/article/3174014/indias-reasons-not-joining-west-ukraine-go-beyond-economics-and?utm_source=rss_feed Wed, 13 Apr 2022 17:00:14 +0000 Japanese energy specialist Takeo Kikkawa has found himself thinking about the 1970s in recent weeks, and the time when a surge in oil prices left Japan’s economy reeling, resulting in it recording negative growth for the first time since the end of World War Two. Russia’s invasion of Ukraine – and the resulting sanctions by G7 nations and other Western allies, including on energy supplies – has left Japan facing a dilemma over its energy strategy. It finds itself in the unenviable position of... https://www.scmp.com/week-asia/economics/article/3173629/japan-grapples-higher-electricity-bills-ukraine-war-forces?utm_source=rss_feed https://www.scmp.com/week-asia/economics/article/3173629/japan-grapples-higher-electricity-bills-ukraine-war-forces?utm_source=rss_feed Sun, 10 Apr 2022 23:00:21 +0000 South Korea is worried about knock-on effects from the Ukraine war on the prices of raw materials it needs to produce goods for export, as it relies on trade to survive more than any other Asian nation. Its exports contributed 36 per cent of Gross Domestic Product as of 2017, according to the International Monetary Fund – the third-highest among the Organisation for Economic Cooperation and Development’s 38 members, following the Netherlands (64 per cent) and Germany (39 per cent). Asia’s energy... https://www.scmp.com/week-asia/economics/article/3173615/south-korea-quietly-makes-other-energy-supply-plans-russia?utm_source=rss_feed https://www.scmp.com/week-asia/economics/article/3173615/south-korea-quietly-makes-other-energy-supply-plans-russia?utm_source=rss_feed Sun, 10 Apr 2022 04:00:24 +0000 The European Union’s decision to end its dependency on Russian natural gas, as it moves towards a boycott of energy imports from the country, has set into motion a chain of events long dreaded by policymakers and industry leaders alike. At recent conferences in the Gulf, they warned of severe ramifications for global energy supplies that could not only threaten economic growth and political stability in middle and low-income countries, but also set back efforts to battle climate change. EU... https://www.scmp.com/week-asia/politics/article/3173630/asias-energy-supplies-prices-face-uncertain-future-eus-boycott?utm_source=rss_feed https://www.scmp.com/week-asia/politics/article/3173630/asias-energy-supplies-prices-face-uncertain-future-eus-boycott?utm_source=rss_feed Sat, 09 Apr 2022 00:45:17 +0000 A tighter fiscal outlook has led Argentina to press China for full financing of its US$8.3 billion nuclear plant, after signing an agreement in February for its construction. The South American country is grappling with high debt levels and needs to hit a fiscal balance by 2025 from a 3 per cent deficit last year as part of a recent deal with the International Monetary Fund. China is building a nuclear plant in Argentina as it looks to Latin America The China National Nuclear Corporation said it... https://www.scmp.com/news/china/diplomacy/article/3173227/china-urged-fully-fund-argentinas-83b-nuclear-plant-debt?utm_source=rss_feed https://www.scmp.com/news/china/diplomacy/article/3173227/china-urged-fully-fund-argentinas-83b-nuclear-plant-debt?utm_source=rss_feed Wed, 06 Apr 2022 06:40:40 +0000 German Finance Minister Christian Lindner on Monday rejected a European Union embargo on Russian gas imports as mounting civilian deaths in Ukraine increase pressure on the bloc to impose sanctions on Russia’s energy sector. “We are dealing with a criminal war,” Lindner said before talks with his EU colleagues in Brussels. “It is clear we must end as quickly as possible all economic ties to Russia. We must plan tough sanctions, but gas cannot be substituted in the short term. We would inflict... https://www.scmp.com/news/world/europe/article/3173065/more-damage-us-them-germany-resists-eu-ban-russias-gas-new?utm_source=rss_feed https://www.scmp.com/news/world/europe/article/3173065/more-damage-us-them-germany-resists-eu-ban-russias-gas-new?utm_source=rss_feed Mon, 04 Apr 2022 15:02:42 +0000 The United States has warned that exports to Russia – including China’s – in which US content accounts for more than 25 per cent of the overall value, must first be licensed by Washington to avoid running afoul of sanctions, according to a senior US commerce official. Matthew Borman, deputy assistant secretary for export administration with the US Department of Commerce, said during a teleconference on Tuesday that possible sanctions, such as those cutting off US sources, could “have a... https://www.scmp.com/economy/china-economy/article/3172314/ukraine-war-us-spells-out-sanctions-russia-heaping-more?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3172314/ukraine-war-us-spells-out-sanctions-russia-heaping-more?utm_source=rss_feed Tue, 29 Mar 2022 15:00:19 +0000 China – with the world’s biggest pipeline of natural gas power plants under development – should join major developers including Europe, Vietnam, Brazil and the United States in reining in expansion to give the world a better chance of meeting its climate goals, a US clean energy think tank said. If all of the world’s 615 gigawatts of projects, of which 161GW are being built and 454GW are planned, are completed, this will raise global gas capacity by a third, San Francisco-based non-profit... https://www.scmp.com/business/article/3171821/climate-change-china-among-countries-should-rein-natural-gas-power-plant?utm_source=rss_feed https://www.scmp.com/business/article/3171821/climate-change-china-among-countries-should-rein-natural-gas-power-plant?utm_source=rss_feed Sat, 26 Mar 2022 02:45:20 +0000 China’s state-run Sinopec Group has suspended talks for a major petrochemical investment and a gas marketing venture in Russia, sources told Reuters, heeding a government call for caution as sanctions mount over the invasion of Ukraine. The move by Asia’s biggest oil refiner to hit the brakes on a potentially half-billion-dollar investment in a gas chemical plant and a venture to market Russian gas in China highlights the risks, even to Russia’s most important diplomatic partner, of unexpectedly... https://www.scmp.com/news/china/diplomacy/article/3171935/ukraine-war-chinas-sinopec-pauses-russia-projects-beijing-wary?utm_source=rss_feed https://www.scmp.com/news/china/diplomacy/article/3171935/ukraine-war-chinas-sinopec-pauses-russia-projects-beijing-wary?utm_source=rss_feed Fri, 25 Mar 2022 16:39:58 +0000 US President Joe Biden said he was “hopeful” China will not provide support for Russia’s war on Ukraine because of the depth of its economic ties with the West. Speaking at Nato headquarters in Brussels on Thursday evening, Biden said: “China understands its economic future is more closely tied to the West than it is to Russia.” He said he had reminded Chinese President Xi Jinping of the economic dynamic during a “very straightforward conversation” the two had last week. “I made it clear to him,... https://www.scmp.com/news/china/article/3171764/nato-warns-china-against-providing-economic-or-military-support-russian?utm_source=rss_feed https://www.scmp.com/news/china/article/3171764/nato-warns-china-against-providing-economic-or-military-support-russian?utm_source=rss_feed Thu, 24 Mar 2022 14:51:10 +0000 Russia will seek payment in roubles for gas sold to “unfriendly” countries, President Vladimir Putin said on Wednesday, and European gas prices soared on concerns the move would exacerbate the region’s energy crunch. European nations and the United States have imposed heavy sanctions on Russia since Moscow sent troops into Ukraine on February 24. But Europe depends heavily on Russian gas for heating and power generation, and the European Union is split on whether to sanction Russia’s energy... https://www.scmp.com/news/world/russia-central-asia/article/3171607/ukraine-war-vladimir-putin-wants-unfriendly?utm_source=rss_feed https://www.scmp.com/news/world/russia-central-asia/article/3171607/ukraine-war-vladimir-putin-wants-unfriendly?utm_source=rss_feed Wed, 23 Mar 2022 17:16:07 +0000 China is doubling down on self-reliance and import diversification to safeguard energy security in the latest blueprint for the sector, though closer cooperation with Russia is predicted following its invasion of Ukraine. The country is in a “critical stage” of ensuring energy security as new and old risks become “intertwined”, according to the 14th five-year plan for 2021-25 that was published on Tuesday. The plan said China must supply more of its own energy needs by 2025, while advocating for... https://www.scmp.com/economy/china-economy/article/3171566/china-energy-blueprint-pushes-independence-opportunities?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3171566/china-energy-blueprint-pushes-independence-opportunities?utm_source=rss_feed Wed, 23 Mar 2022 16:00:13 +0000 Countries scrambling to replace Russian oil, gas and coal supplies with any available alternative may fuel the world’s “mutually assured destruction” through climate change, the head of the United Nations warned on Monday. UN Secretary-General Antonio Guterres said the “all-of-the-above” strategy now being pursued by major economies to end fossil fuel imports from Russia because of its invasion of Ukraine could kill hopes of keeping global warming below dangerous levels. “Countries could become... https://www.scmp.com/news/world/europe/article/3171324/russia-ukraine-war-must-not-fuel-climate-destruction-says-un?utm_source=rss_feed https://www.scmp.com/news/world/europe/article/3171324/russia-ukraine-war-must-not-fuel-climate-destruction-says-un?utm_source=rss_feed Mon, 21 Mar 2022 15:31:28 +0000 Just a month ago, economists were optimistic about the Asia-Pacific region, predicting that its economic recovery was poised to continue on an upwards trajectory this year. The region took the Omicron outbreak in its stride, with most economies learning to live with Covid-19 and opening up their borders. There were still lingering concerns over rising oil and other key commodity prices that were making everyday goods such as petrol and diesel expensive. But on the whole, sentiment was buoyant... https://www.scmp.com/week-asia/explained/article/3170969/war-fuel-and-food-shortages-inflation-what-are-biggest-risks?utm_source=rss_feed https://www.scmp.com/week-asia/explained/article/3170969/war-fuel-and-food-shortages-inflation-what-are-biggest-risks?utm_source=rss_feed Fri, 18 Mar 2022 08:00:22 +0000 India is considering taking up a Russian offer to buy its crude oil and other commodities at discounted prices with payment via a rupee-rouble transaction, two Indian officials said, amid tough Western sanctions on Russia over its invasion of Ukraine. India, which imports 80 per cent of its oil needs, usually buys about 2-3 per cent of its supplies from Russia. But with oil prices up 40 per cent so far this year, the government is looking at increasing this if it can help reduce its rising... https://www.scmp.com/news/world/article/3170407/india-may-buy-discounted-russian-oil-and-commodities-say-officials?utm_source=rss_feed https://www.scmp.com/news/world/article/3170407/india-may-buy-discounted-russian-oil-and-commodities-say-officials?utm_source=rss_feed Mon, 14 Mar 2022 09:33:37 +0000 British Prime Minister Boris Johnson is trying to persuade Saudi Arabia to increase its oil output, a senior minister said on Monday, following reports that Johnson would travel to the Opec heavyweight this week. Saudi Arabia and the UAE have so far snubbed US pleas to use their spare output capacity to tame rampant crude prices which threaten a global recession after Russia’s invasion of Ukraine. Saudi ties with the West are strained over a range of rights issues including the Yemen war and the... https://www.scmp.com/news/world/europe/article/3170397/uks-boris-johnson-urges-saudi-arabia-raise-oil-output-minister?utm_source=rss_feed https://www.scmp.com/news/world/europe/article/3170397/uks-boris-johnson-urges-saudi-arabia-raise-oil-output-minister?utm_source=rss_feed Mon, 14 Mar 2022 08:59:30 +0000 Finland’s long-delayed and costly new nuclear reactor went online on Saturday amid expectations that it will boost the Nordic country’s electricity self-sufficiency and help to achieve its carbon neutrality targets. Finnish operator Teollisuuden Voima said the Olkiluoto 3 nuclear reactor in western Finland linked up to the national grid and started power generation. It will go through a trial period of about four months during which it will generate electricity only at a fraction of its 1,600... https://www.scmp.com/news/world/europe/article/3170276/long-delayed-and-costly-nuclear-reactor-goes-online-finland?utm_source=rss_feed https://www.scmp.com/news/world/europe/article/3170276/long-delayed-and-costly-nuclear-reactor-goes-online-finland?utm_source=rss_feed Sat, 12 Mar 2022 18:17:49 +0000 European Union leaders meeting in France Thursday ruled out fulfilling Ukraine’s demand for a fast-track integration with the bloc, as they discussed ways to help the eastern country that’s been invaded by neighbouring Russia. EU nations have been fully united in backing Ukraine’s resistance, adopting unprecedented economic sanctions against Russia, but leaders are divided on how fast Brussels could move to accept Ukraine as a member, and how swiftly the 27-nation bloc could sever energy ties... https://www.scmp.com/news/world/russia-central-asia/article/3170049/eu-leaders-dash-ukraines-hopes-fast-track-membership?utm_source=rss_feed https://www.scmp.com/news/world/russia-central-asia/article/3170049/eu-leaders-dash-ukraines-hopes-fast-track-membership?utm_source=rss_feed Thu, 10 Mar 2022 23:03:53 +0000 The European Commission on Tuesday outlined a plan to cut gas imports from Russia by two-thirds before the end of the year, as the EU looks to move away from Russian energy sources following Moscow’s invasion of Ukraine. The European Union is heavily reliant on Russian fossil fuels – it imports 90 per cent of its gas, and more than 40 per cent of that comes from Russia. It also gets 27 per cent of oil imports and 46 per cent of coal imports from Russia, according to the commission. To reduce... https://www.scmp.com/news/china/science/article/3169868/eu-unveils-plan-cut-russian-gas-imports-two-thirds-year?utm_source=rss_feed https://www.scmp.com/news/china/science/article/3169868/eu-unveils-plan-cut-russian-gas-imports-two-thirds-year?utm_source=rss_feed Wed, 09 Mar 2022 15:30:25 +0000 With Russia intensifying its war on Ukraine, killing civilians and triggering a mass refugee crisis, President Joe Biden on Tuesday announced a US ban on imported Russian oil. Critics of Russia have said that sanctioning its energy exports would be the best – perhaps only – way to force Moscow to pull back. A full embargo would be most effective if it included European allies, which are also desperate to stop the violence in Ukraine and the danger Moscow poses to the continent. It is far from... https://www.scmp.com/news/world/russia-central-asia/article/3169752/ukraine-war-what-does-us-ban-russian-oil-accomplish?utm_source=rss_feed https://www.scmp.com/news/world/russia-central-asia/article/3169752/ukraine-war-what-does-us-ban-russian-oil-accomplish?utm_source=rss_feed Tue, 08 Mar 2022 18:29:52 +0000 US President Joe Biden announced a US embargo on Russian oil and natural gas on Tuesday, a move that adds more muscle to Western sanctions but also more pressure on the global economy. Britain said it would eliminate Russian imports by year’s end, but European allies heavily dependent on Russian gas have so far remained on the sidelines over oil. The moves are the latest in an unprecedented series of sanctions and export controls imposed by Western allies on banks, oligarchs and strategic... https://www.scmp.com/news/world/united-states-canada/article/3169743/us-considers-banning-russian-oil-easing-sanctions?utm_source=rss_feed https://www.scmp.com/news/world/united-states-canada/article/3169743/us-considers-banning-russian-oil-easing-sanctions?utm_source=rss_feed Tue, 08 Mar 2022 15:26:50 +0000 Energy-importing Asian economies outside China should brace for steep rises in crude oil bills and energy costs as prices go “berserk” over the Russia-Ukraine conflict, investment bank Natixis said. Much of the impact could be borne by households and companies especially in countries like India and Thailand, Natixis said. While direct trade with Russia is limited for most Asian economies, it is the wider repercussions of high oil prices that will indirectly hurt Asian economies, Natixis emerging... https://www.scmp.com/week-asia/economics/article/3169603/russias-invasion-ukraine-asia-braces-oil-prices-go-berserk?utm_source=rss_feed https://www.scmp.com/week-asia/economics/article/3169603/russias-invasion-ukraine-asia-braces-oil-prices-go-berserk?utm_source=rss_feed Mon, 07 Mar 2022 23:00:27 +0000 Lithuania called for an embargo on Russian energy sales on Monday, telling US Secretary of State Antony Blinken that oil and gas should not be paid for with the “blood of Ukraine”. The call follows a similar plea from Ukrainian President Volodymyr Zelensky Monday. Blinken said on Sunday the United States and European allies were exploring banning imports of Russian oil. “Energy sources which we import pay for the Russian military operation. We cannot pay for oil and gas with the blood of... https://www.scmp.com/news/world/europe/article/3169602/ukraines-blood-should-not-pay-oil-and-gas-lithuania-tells-blinken?utm_source=rss_feed https://www.scmp.com/news/world/europe/article/3169602/ukraines-blood-should-not-pay-oil-and-gas-lithuania-tells-blinken?utm_source=rss_feed Mon, 07 Mar 2022 13:48:31 +0000 China hopes to maintain normal trade with both Russia and Ukraine, according to Commerce Minister Wang Wentao, as the worsening crisis in Ukraine serves as a test for how Beijing manages ties with its trading partners. “[Russia and Ukraine] are in talks now. We hope they can reach peace, and we hope to promote our normal trade,” Wang told reporters on the sidelines of a press conference in Beijing on Tuesday. The comments came as Beijing has tried to walk a diplomatic tightrope between Moscow... https://www.scmp.com/economy/china-economy/article/3168835/ukraine-russia-crisis-tests-beijings-desire-maintain-normal?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3168835/ukraine-russia-crisis-tests-beijings-desire-maintain-normal?utm_source=rss_feed Tue, 01 Mar 2022 12:15:17 +0000 Rising oil prices as a result of the Russia-Ukraine conflict represent a wake-up call for China’s energy security, experts have warned, stressing the importance of greater self-reliance for the world’s largest crude importer. Beijing has yet to offer a clear signal if it will release supplies from its strategic oil reserves in sync with the United States and other economies. But analysts have said that China’s stockpile is not large enough and warned about the risk of commodity inflation. The... https://www.scmp.com/economy/global-economy/article/3168445/ukraine-crisis-seen-wake-call-chinas-energy-security-beijing?utm_source=rss_feed https://www.scmp.com/economy/global-economy/article/3168445/ukraine-crisis-seen-wake-call-chinas-energy-security-beijing?utm_source=rss_feed Sat, 26 Feb 2022 00:00:20 +0000 A huge traffic jam blocked a major road out of Kyiv on Thursday as people tried to flee the capital after Russian forces invaded Ukraine, while others stood in long lines hoping to draw money and stock up on supplies. Signs of nervousness were growing as planes flew overhead, explosions were heard and an emergency siren sounded early in the morning. Even after weeks of warnings by Ukrainian and Western politicians that a Russian attack was imminent, some people were caught off guard in the city... https://www.scmp.com/news/world/russia-central-asia/article/3168275/ukraine-crisis-panic-kyiv-residents-flee-roads?utm_source=rss_feed https://www.scmp.com/news/world/russia-central-asia/article/3168275/ukraine-crisis-panic-kyiv-residents-flee-roads?utm_source=rss_feed Thu, 24 Feb 2022 12:08:25 +0000 Neither Qatar nor any other single country has the capacity to replace Russian gas supplies to Europe with liquefied natural gas (LNG) in the event of disruption due to a conflict between Russia and Ukraine, Qatar’s energy minister said on Tuesday. Tensions between Russia and Ukraine escalated on Tuesday after Moscow ordered troops into two breakaway regions in eastern Ukraine. The United States and its European allies are set to announce fresh sanctions against Russia after President Vladimir... https://www.scmp.com/news/world/middle-east/article/3167998/ukraine-crisis-replacing-russian-gas-europe-almost?utm_source=rss_feed https://www.scmp.com/news/world/middle-east/article/3167998/ukraine-crisis-replacing-russian-gas-europe-almost?utm_source=rss_feed Tue, 22 Feb 2022 13:31:56 +0000 In the hinterland of Argentina, Mario Pizarro’s office looks like a shrine to China. There’s the framed photo of a Chinese peasant with Pizarro’s face superimposed beneath the conical farmer hat. There’s the blue-robed smiling Buddha statue. And there’s the model wind turbine from a Chinese company with an inscription in English and Mandarin: “Create Our Future Together.” Pizarro, 62, is the energy secretary of Jujuy, a province high in the Andes that borders Bolivia and Chile. Overlooking a... https://www.scmp.com/news/china/diplomacy/article/3167544/how-chinas-resources-and-ground-relationships-helped-it-push?utm_source=rss_feed https://www.scmp.com/news/china/diplomacy/article/3167544/how-chinas-resources-and-ground-relationships-helped-it-push?utm_source=rss_feed Fri, 18 Feb 2022 07:33:29 +0000 Russian President Vladimir Putin said on Tuesday he was ready to continue working with the West on security issues to de-escalate tensions over Ukraine. “We are ready to work further together. We are ready to go down the negotiations track,” Putin told a press conference in Moscow following talks with German Chancellor Olaf Scholz. Tensions in Europe have run high in recent weeks on Western fears Russia may invade neighbouring Ukraine, which Moscow denied is its intention. Russia said earlier on... https://www.scmp.com/news/world/russia-central-asia/article/3167175/ukraine-putin-ready-work-further-west-european?utm_source=rss_feed https://www.scmp.com/news/world/russia-central-asia/article/3167175/ukraine-putin-ready-work-further-west-european?utm_source=rss_feed Tue, 15 Feb 2022 15:04:40 +0000 German Chancellor Olaf Scholz says there are currently no plans to admit Ukraine to Western alliances such as Nato, despite what Moscow might imply with its security demands in the Ukraine crisis. “That is why it is somewhat peculiar to observe that the Russian government is making something that is practically not on the agenda the subject of major political problems,” Scholz said at a joint press conference following talks with Ukrainian President Volodymyr Zelensky in Kyiv on Monday. “That... https://www.scmp.com/news/world/europe/article/3167038/ukraine-germanys-scholz-says-no-plans-admit-ukraine-western?utm_source=rss_feed https://www.scmp.com/news/world/europe/article/3167038/ukraine-germanys-scholz-says-no-plans-admit-ukraine-western?utm_source=rss_feed Mon, 14 Feb 2022 15:57:31 +0000 A recently inked deal to build a nuclear power plant in Argentina is the latest effort by China to engage with Latin American countries using its advanced clean energy technology, part of a broader push to expand its influence in the region. The US$8 billion plant, known as Atucha III, will use China’s home-grown Hualong One design. Located near Lima – about 100km (62 miles) northwest of the capital Buenos Aires – it will be Argentina’s fourth nuclear power station and will have an installed... https://www.scmp.com/news/china/diplomacy/article/3166763/china-building-nuclear-power-plant-argentina-it-looks-latin?utm_source=rss_feed https://www.scmp.com/news/china/diplomacy/article/3166763/china-building-nuclear-power-plant-argentina-it-looks-latin?utm_source=rss_feed Sun, 13 Feb 2022 08:00:14 +0000 China and Russia strengthened the interdependency of their two economies on Friday as visiting President Vladimir Putin unveiled a series of agreements, including a new gas deal, during his meeting with Xi Jinping in Beijing at a time when Moscow is facing rising tensions over Ukraine. Putin confirmed the deal to supply 10 billion cubic metres (353 billion cubic feet) of gas per year to China, which is the world’s biggest energy consumer, from Russia’s Far East via a new pipeline hours after... https://www.scmp.com/economy/global-economy/article/3165873/china-russia-enhance-growing-energy-partnership-gas-deal?utm_source=rss_feed https://www.scmp.com/economy/global-economy/article/3165873/china-russia-enhance-growing-energy-partnership-gas-deal?utm_source=rss_feed Fri, 04 Feb 2022 13:32:16 +0000 China’s imports of coking coal plummeted in 2021, as the country strived to diversify its sources amid an unofficial ban on Australian coal and coronavirus pandemic-hit Mongolian imports, analysts said. China imported 54.7 million tonnes of coking coal – an essential ingredient in the production of steel – last year, down by 24.6 per cent from 2020, according to official data. “Even though demand for non-Australian seaborne coal imports was strong, it still could not make up for the gap left by... https://www.scmp.com/economy/economic-indicators/article/3164807/china-coking-coal-imports-down-25-cent-due-australia?utm_source=rss_feed https://www.scmp.com/economy/economic-indicators/article/3164807/china-coking-coal-imports-down-25-cent-due-australia?utm_source=rss_feed Wed, 26 Jan 2022 20:30:17 +0000 Stand back for a nuclear reaction. I’m not talking about another Fukushima-style reactor meltdown or an attack involving nuclear weapons (hopefully), but the beginning of a renaissance of nuclear energy to help save the world from the threatened dark age of climate change. In an energy-hungry world, this will involve rethinking the role of nuclear power in generating electricity. It is a development that has considerable commercial and economic significance for Japan and China (plus perhaps... https://www.scmp.com/comment/opinion/world/article/3164298/our-energy-hungry-world-nuclear-power-making-comeback-safer?utm_source=rss_feed https://www.scmp.com/comment/opinion/world/article/3164298/our-energy-hungry-world-nuclear-power-making-comeback-safer?utm_source=rss_feed Sun, 23 Jan 2022 19:30:21 +0000 The Malaysian government is in talks with Indonesia for an “amicable” solution to Jakarta’s coal export ban, as its largest power firm Tenaga Nasional Berhad (TNB) ramps up its search for alternative sources. Miners in the region said the government-owned private power company’s fuel services department had put out a tender for spot purchases of coal in the past week as the ban drags on, putting more importers in the region on alert. While Indonesia has signalled an easing of its restrictions,... https://www.scmp.com/week-asia/economics/article/3163709/malaysia-seeks-amicable-solution-indonesian-coal-export-ban?utm_source=rss_feed https://www.scmp.com/week-asia/economics/article/3163709/malaysia-seeks-amicable-solution-indonesian-coal-export-ban?utm_source=rss_feed Tue, 18 Jan 2022 00:30:21 +0000 On a trip to the United Arab Emirates, the president of South Korea on Sunday reportedly reached a preliminary multibillion-dollar deal to sell Seoul’s surface-to-air missiles to Abu Dhabi and pledged deeper cooperation with the Gulf Arab federation. After South Korean President Moon Jae-in met Emirati Prime Minister Sheikh Mohammed bin Rashid Al Maktoum in Dubai, the countries signed a memorandum of understanding for the UAE’s purchase of a South Korean mid-range missile defence system valued... https://www.scmp.com/news/asia/east-asia/article/3163609/south-korean-president-visits-uae-seals-deal-us35-billion-seoul?utm_source=rss_feed https://www.scmp.com/news/asia/east-asia/article/3163609/south-korean-president-visits-uae-seals-deal-us35-billion-seoul?utm_source=rss_feed Sun, 16 Jan 2022 21:11:57 +0000 There is no “power vacuum” in the Middle East and the region does not need an “external patriarch”, Chinese Foreign Minister Wang Yi said on the weekend, capping a flurry of talks with envoys to strengthen ties with the region. In a statement from the foreign ministry on Saturday, Wang said the international community should help but not meddle in the Middle East. “China’s efforts to maintain stability and promote peace [in the region] have not and will not stop,” he was quoted as saying, adding... https://www.scmp.com/news/china/diplomacy/article/3163589/middle-east-doesnt-need-new-external-chief-china-says-us?utm_source=rss_feed https://www.scmp.com/news/china/diplomacy/article/3163589/middle-east-doesnt-need-new-external-chief-china-says-us?utm_source=rss_feed Sun, 16 Jan 2022 11:00:21 +0000