Russia hopes China can fill IOC gap

Moscow is attempting to deepen its close cooperation with Asian countries—in particular China—to minimise the impact of sanctions on its oil and gas sector

Majors such as ExxonMobil and BP abandoned their partnerships with Russia shortly after the Kremlin went to war in Ukraine. Following their departure, Moscow is looking to China as a potential replacement—at least partially—for the oil and gas sector technologies and investment that would previously have come from the West. Chinese NOCs may be the most likely partners for a number of significant projects that have lost Western investors, including the 25pc stake in state-controlled oil firm Rosneft abandoned by BP earlier this year, ExxonMobil’s former share in the Sakhalin-1 project and Norwegian state-controlled Equinor’s various joint venture stakes. Additionally, Austria’s OMV halted neg