The Northeast China-Russia Far East Coal Industry Cooperation Alliance was officially established during a kickoff meeting held in Harbin, Heilongjiang province of China on April 26, in a bid to jointly safeguard energy security of the two countries, local media reported.
More than 40 companies from coal production, consumption, logistics, machinery and equipment, coal technology, and supply chain finance sectors from northeastern China and the Russian Far East region declared to form the industrial alliance.
The alliance is built based on the purchase, sale, scientific processing and efficient use of tens of millions of tonnes of high-quality Russian coal, according to the report.
Russian coal-mining firms shifted their focus from the European market to Asia due to sanctions of the EU and the U.S.
Kpler's tracking data showed Russia exported 28.27 million tonnes of seaborne coal to Asia during January-March 2023, rising 16.03% year on year, while exports to the EU declined 47.41% year on year during the same period.
China-bound seaborne coal shipment surged 81.04% year on year to 14.29 million tonnes during the first three months, Kpler's data showed.
(Writing by Emma Yang Editing by Harry Huo)
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