Gazprom exposes great upsurge in shipments to China
Date
12/28/2023 3:10:41 AM
(MENAFN) Gazprom CEO Aleksey Miller announced a substantial year-on-year surge in Russia's natural gas exports to China, projecting an impressive 50 percent increase in 2023. During a meeting with President Vladimir Putin, Miller highlighted that this year's gas supplies to China are set to surpass contractual obligations, reaching 23.2 billion cubic meters, compared to the 15.5 billion cubic meters recorded in 2022.
Miller emphasized Gazprom's achievement of a new daily gas supply record to China through the Power of Siberia mega pipeline, marking the ninth such record in 2023. The company continues to strengthen its position as a reliable energy supplier to China, with projections indicating further growth. Gazprom anticipates that gas exports to China will reach 38 billion cubic meters in 2025, underscoring the sustained momentum in this crucial energy partnership.
Under a long-term contract sealed with the China National Petroleum Corporation (CNPC), Gazprom supplies natural gas to China. The Power of Siberia pipeline, a significant component of the USD400 billion, 30-year agreement between Gazprom and CNPC established in 2014, has played a pivotal role in facilitating these substantial exports.
The remarkable growth in gas exports to China comes as Gazprom strategically navigates the evolving dynamics of the global energy market. Gazprom's successful redirection of energy trade towards Asia, with China emerging as its largest importer, has mitigated the impact of declining sales to the European Union due to Ukraine-related sanctions and incidents affecting the Nord Stream pipelines.
Deputy Prime Minister of Russia Alexander Novak highlighted the significance of this shift, noting that China now accounts for 50 percent of Russia's energy exports, while India's share is approaching 40 percent. The projection of Russia's gas exports to China reaching 100 billion cubic meters annually, considering the transit gas pipeline through Mongolia, reaffirms the robustness of Russia's energy ties with its Asian partners.
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