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The volume of Russian gas exports to China increased sharply

According to Gazprom’s post on Telegram: “Gas exports to China through the ‘Power of Siberia’ gas pipeline are increasing, according to a long-term bilateral contract between Gazprom and China National Petroleum Corporation (CNPC). Supply volume in the first 4 months of 2022 is nearly 60% higher than the same period last year.

The amount of Russian gas exports to China increased sharply - 1

Russian gas exports to China increased by nearly 60%. (Illustration)

According to Sputnik, Russian gas has been supplied to the region through the “Power of Siberia” system since the end of 2019, with a capacity of 4.1 billion cubic meters in 2020. The parties are expected to increase the amount of supply until it is reached. design capacity is 38 billion cubic meters per year by 2025. If a new agreement between the companies is taken into account in February, the total capacity supplied along the Far East pipeline to China could be up to 48 billion cubic meters per year.

Since Moscow launched a “special military operation” in Ukraine, the US and Western countries have imposed a series of sanctions targeting the Russian economy. Among them, the options to stop importing energy products are controversial when Russian oil and gas occupies a large market share in EU countries.

While some countries accept Russia’s option to pay for gas in rubles, others claim to find alternative energy sources. Germany, the country most dependent on Russian gas in Europe, also said it would not agree to pay in rubles and would seek to become energy independent as soon as possible.

According to Gazprom, gas reserves in underground facilities in Europe have been replenished by 6.9 billion cubic meters as of April 29, and companies will have to pump about 56 billion more cubic meters to fill 90% of the warehouse – the reserve target that the EU has set.

Since the beginning of the Ukraine crisis, China has not joined a series of Western sanctions. It said it would not accept any pressure or coercion over its relationship with Russia after the United States warned Beijing not to support Moscow.

Meanwhile, according to Bloomberg, Chinese importers cautiously look for opportunities to buy gas from Russia at a cheap price. Although the domestic demand is not too urgent, the gas supply from Russia is assessed to help China have a reasonable additional amount before the time this item increases in price.

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