Russia’s daily natural-gas flows to China via the Power of Siberia link set a new record on Dec. 20, according to energy giant Gazprom PJSC.
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Bloomberg News
Bloomberg News
Published Dec 22, 2024 • 1 minute read
(Bloomberg) — Russia’s daily natural-gas flows to China via the Power of Siberia link set a new record on Dec. 20, according to energy giant Gazprom PJSC.
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While the producer didn’t specify the absolute figure for the daily gas supplies to the Asian nation, it said the flows exceeded its obligations under a contract with China National Petroleum Corp., in a Telegram statement. The latest flows beat the previous high reached on Dec. 7, it said.
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Russia earlier this month also raised gas deliveries to the daily equivalent of 38 billion cubic meters per year, the design capacity of the Power of Siberia, ahead of schedule.
Gazprom’s natural-gas deliveries to China this year are set to slightly exceed its pipeline flows to Europe for the first time, as Russia’s energy ties with the continent weaken amid President Vladimir Putin’s invasion of Ukraine. The Russian gas giant lost most of its European buyers as a result of the war, while deliveries to the Asian nation have been growing each year ever since the Power of Siberia came online five years ago.
Russia supplied almost 29 billion cubic meters of pipeline gas to China between January and November, a 40% jump year on year, according to Bloomberg calculations based on customs data from the Asian nation and price estimates from the Russian economy ministry.
Gazprom’s deliveries to European clients over the same period reached around 28 billion cubic meters, up almost 14% from the same period a year ago, Bloomberg calculations based on flows via Ukraine and the TurkStream link show.
Putin and Ukrainian leader Volodymyr Zelenskiy earlier this week each ruled out extending the agreement on transits of Russian gas to Europe via Ukraine that expires this month. If no solution is found, the loss of the route that currently ships the daily equivalent of around 15 billion cubic meters a year will further reduce Russia’s pipeline deliveries to European clients in 2025.
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