Handbook of Energy Politics
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Handbook of Energy Politics

Edited by Jennifer I. Considine

Starting with the fundamentals of the global energy industry, Handbook of Energy Politics goes on to cover the evolution of capital and financial markets in the energy industry, the effects of technology, environmental issues and global warming and geopolitics. The book concludes by considering the future, including the lessons learned from history, where we are most likely to be heading and what steps we can take to mitigate potential energy risks. This Handbook will be an invaluable resource for upper level graduates and postgraduate scholars.
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Chapter 2: Oil on the waters of RIC energy relations

Nina Poussenkova

Abstract

The chapter analyzes the new trend in Russia’s energy policy, i.e. its gradual shift to China and India, and discusses the long-term and short-term reasons, challenges, risks and implications of this Eastern vector. Rosneft, the number one Russian oil company, is the driver of this turn to the East. Initially, it made the focus solely on China acting along several directions: raising Chinese credits, expanding crude exports to PRC within the framework of oil-for-loans deals, providing access to CNPC and Sinopec to Russian upstream, and trying to establish a niche in the Chinese downstream. This growing exposure of Rosneft to China that became even stronger due anti-Russian sanctions was causing concern of Russian politicians and analysts and weakened Rosneft’s positions at negotiations with its Chinese counterparts. However, recently Rosneft signed several strategic deals with the Indian petroleum companies, both partnering with them in the development of Russian oil reserves and buying downstream assets in India. These deals improved the balance of forces between Russia and China, but, probably, created new uncertainties in the Russia-India-China triangle.

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