Sergey Mochalnikov, the head of the Russian Energy Ministry, announced the deal on Friday. The new deal will add to an already lucrative deal Russia signed with India in Nov. 2021 to supply 40 million tons of coal.
"Now, an intergovernmental agreement with the People’s Republic of China is being developed and the figure is 100 million tons," he said. "In the coming years, consumers should receive as much coal as they need."
Chinese President Xi Jinping in Kunming, southwest China's Yunnan Province, Oct. 9, 2021. ___ Russian President Vladimir Putin on Oct. 21, 2021, in Sochi, Russia. (Li Xueren/Xinhua via Getty Images) | Mikhail Svetlov/Getty Images)
Russian news outlet TASS, which is owned by the government, reported on the deal, adding that Russia’s share of coal in the Asia-Pacific market has increased by 8% since 2010, with Russia now controlling around 12% of the market.
"We have good prospects until 2030, and Russia should take its share in this growing market," Mochalnkov added.