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| Russian gas exports to China surge. (Source: Getty Images) |
Gazprom reveals information related to Power of Siberia 1 pipeline; gas prices in Europe increase by 8%
Báo Quốc Tế•30/12/2023Natural gas exports from Russia to China via the Power of Siberia 1 pipeline will exceed 22.5 billion cubic meters (bcm) this year, Alexei Miller, head of state-owned energy giant Gazprom, said on December 28.
According to Gazprom experts, this volume exceeds the contractual obligation by 22 bcm. Natural gas supplies from Moscow to Beijing via the Power of Siberia pipeline will peak at 38 bcm as planned in 2025. Exports via this route began in late 2019. Russia has also been negotiating for years the construction of the Power of Siberia 2 pipeline to transport 50 bcm of natural gas per year from the Yamal region in the north of the country to China via Mongolia - close to the volume of the currently idle Nord Stream 1 project. The plan has gained urgency as Russia aims to double its gas exports to China to make up for the drop in exports to Europe after the military campaign in Ukraine began in February 2022. However, agreement on key issues, including prices, remains elusive. * Natural gas futures for July delivery at the Transfer of Title Facility (TTF) in the Netherlands rose 8.4% to $429.80 per 1,000 cubic metres, or €37,055 per megawatt hour at household prices. The increase in natural gas prices comes amid heightened tensions in the Middle East, a major energy supplier and a vital oil transit route. In particular, the escalating conflict between Israel and Gaza could spread across the region. Source
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