UK media reported that China plans to restart bond issuances by major Russian energy companies in its domestic market, highlighting the ever-closer economic and diplomatic ties between China and Russia.
The Financial Times, citing two people familiar with the matter, reported that Chinese regulators, during a meeting with Russian energy executives in Guangzhou in late August, said they would support Russian energy firms in issuing renminbi-denominated 'panda bonds.'
If it goes through, this would be the first time since the outbreak of the Russia-Ukraine war in 2022 that Russian companies have raised funds in mainland China, and the first Russian bonds to return to China's public market since Rusal issued 1.5 billion yuan (887 million ringgit) in panda bonds in 2017.
Last week, Chinese President Xi Jinping met with Russian President Vladimir Putin in Beijing, saying that China-Russia relations have stood the test of international changes and have set an example of long-term good neighborly friendship. The two countries should use major projects to spearhead cooperation and promote deeper integration of interests.
Following this, Russian energy giant Gazprom signed an agreement with Chinese state-owned CNPC to increase the annual gas supply via the Power of Siberia pipeline to China from 3.8 million cubic meters to 4.4 million cubic meters, and to raise the annual supply through the 'Far East' pipeline from 10 billion cubic meters to 12 billion cubic meters. The two sides also signed a memorandum on constructing the 'Power of Siberia-2' pipeline.
The Financial Times, citing two people familiar with the matter, reported that Chinese regulators, during a meeting with Russian energy executives in Guangzhou in late August, said they would support Russian energy firms in issuing renminbi-denominated 'panda bonds.'
If it goes through, this would be the first time since the outbreak of the Russia-Ukraine war in 2022 that Russian companies have raised funds in mainland China, and the first Russian bonds to return to China's public market since Rusal issued 1.5 billion yuan (887 million ringgit) in panda bonds in 2017.
Last week, Chinese President Xi Jinping met with Russian President Vladimir Putin in Beijing, saying that China-Russia relations have stood the test of international changes and have set an example of long-term good neighborly friendship. The two countries should use major projects to spearhead cooperation and promote deeper integration of interests.
Following this, Russian energy giant Gazprom signed an agreement with Chinese state-owned CNPC to increase the annual gas supply via the Power of Siberia pipeline to China from 3.8 million cubic meters to 4.4 million cubic meters, and to raise the annual supply through the 'Far East' pipeline from 10 billion cubic meters to 12 billion cubic meters. The two sides also signed a memorandum on constructing the 'Power of Siberia-2' pipeline.