The departure of Western firms from Russia leaves space for China
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
Also in this section
6 February 2026
The long close relationship between key supplier Qatar and pivotal buyer Japan becomes even deeper following new landmark deal
6 February 2026
Partnerships across the LNG value chain have evolved over time, growing in both complexity and importance, according to panellists at LNG2026
6 February 2026
Nigeria's mega-refinery is still trying to solve many challenges, all while its owner talks up expansion
5 February 2026
While broadly supportive of EU efforts to tackle methane emissions, representatives of the gas industry warn it could deter supply contracting if timelines and compliance requirements are not made more pragmatic
