• 3 minutes "Biden Is Running U.S. Energy Security Into The Ground" by Irina Slav
  • 6 minutes How Far Have We Really Gotten With Alternative Energy
  • 9 minutes "How to Calculate Your Individual ESG Score to ensure that your Digital ID 'benefits' and money are accessible"
  • 2 days GREEN NEW DEAL = BLIZZARD OF LIES
  • 4 hours "Natural Gas Price Fundamental Daily Forecast – Grinding Toward Summer Highs Despite Huge Short Interest" by James Hyerczyk & REUTERS on NatGas
  • 12 days 87,000 new IRS agents, higher taxes, and a massive green energy slush fund... "Here Are The Winners And Losers In The 'Inflation Reduction Act'"-ZeroHedge
  • 1 day Energy Armageddon
  • 24 hours Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 6 days "Forget Oil, The Real Crisis Is Diesel Inventories: The US Has Just 25 Days Left" by Zero Hedge - 5 Stars *****
  • 3 days Is Europe heading for winter of discontent with extensive gas shortages?
  • 6 days "The Global Digital ID Prison" by James Corbett of CorbettReport.com
  • 6 days The Federal Reserve and Money...Aspects which are not widely known
  • 6 days "Europe’s Energy Crisis Has Ended Its Era Of Abundance" by Irina Slav
  • 5 hours Wind droughts
  • 7 days Goldman Betting on Cryptocurrencies
  • 10 days Сryptocurrency predictions

Breaking News:

EU Agrees To $60 Oil Price Cap

Russia's Landmark Pipeline Could Transform Global Gas Markets

The Power of Siberia gas pipeline that will bring Russian natural gas to the world’s biggest gas importer, China, will start operations in December, Geng Shuang, spokesperson for China’s Foreign Ministry, said on Tuesday.

The Power of Siberia, one of the largest natural gas pipeline projects in the world, will transport natural gas from the Irkutsk and Yakutia production centers to consumers in Russia’s Far East and to China.

Gazprom is dominating gas supplies to many European markets, while it also vies to meet rising Chinese natural gas demand as the country is in the middle of a massive switch from coal-fired to gas-fired heating in millions of homes. Russia wants a share of that market and the Russian gas giant looks to supply pipeline gas to China.

At the end of last month, Gazprom said that it had completed feeding natural gas into the Power of Siberia, whose linear part is now ready for the start of Russian pipeline gas supplies to China. The next step is to feed gas into the trans-border crossing under the Amur River, Gazprom said.

“With the concerted efforts of the two sides, the project is scheduled to launch its operation in December this year,” Geng said today, asked to confirm information from Yury Ushakov, Aide to Russia’s President Vladimir Putin, who said on Monday that Putin and Chinese President Xi Jinping would take part in a teleconference next month to launch the pipeline.

Related: The One Factor Driving Today’s Oil Markets

“It is of great significance to deepening all-round cooperation between the two countries and advance integration of our interests,” the Chinese foreign ministry spokesman said, referring to the pipeline.  

Gazprom has a 30-year contract with CNPC for the supply of an annual 1.3 trillion cu ft of natural gas via the infrastructure. The completion of the pipeline has been among Gazprom’s top priorities in recent years.

At an investor day presentation in February, Gazprom said it expects its market share in China to grow from zero to more than 25 percent of Chinese gas imports and to account for 13 percent of China’s gas consumption by 2035. By that year, Gazprom vies to be the number one gas supplier to both Europe and China, according to its presentation.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News