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3 Jan, 2024 13:53

Russian gas giant reveals surge in exports to China

Gazprom has revealed a new daily record and a jump in year-on year exports
Russian gas giant reveals surge in exports to China

Russia’s gas exports to China were nearly 50% higher in 2023 than they were the previous year, energy giant Gazprom has revealed.

In 2023, Russia supplied 22.7 billion cubic meters of gas to the Asian nation via the Power of Siberia pipeline, the company said in a Telegram post on Wednesday. The amount exceeded Gazprom's contractual obligations by 700 million cubic meters, it added. In 2022, 15.4 billion cubic meters of gas were delivered to China via the mega-pipeline.

According to the post, Gazprom has accelerated the supply of gas to Russia’s leading trading partner via the Power of Siberia pipeline to a new level; a new daily record was set on Tuesday. Gazprom has exceeded its contractual obligations on a regular basis throughout the past year, with frequent daily records reported.

Gazprom CEO Aleksey Miller said last week that gas supplies to China will grow further and are forecast to hit 38 billion cubic meters in 2025.

Gazprom supplies natural gas to China under a long-term contract it sealed with the China National Petroleum Corporation (CNPC). The Power of Siberia is part of a $400 billion, 30-year agreement between Gazprom and CNPC which was clinched in 2014.

Russia rerouted its energy exports to Asia after it lost buyers from the countries of the EU in 2022 due to the start of the conflict in Ukraine and Western sanctions.

For more stories on economy & finance visit RT's business section

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