S'abonner

Gazprom to export a record 40 billion m³ of gas to China in 2024

Gazprom plans to export a record 40 billion m³ of gas to China in 2024, consolidating its position as the world's leading gas supplier.

Share:

Exportation record gaz Russie-Chine

Russian energy giant Gazprom is set to export a record 40 billion cubic meters (Bcm) of gas to China in 2024.
This increase in exports strengthens Russia‘s position as China’s main gas supplier, marking a milestone in energy cooperation between the two nations.

Pipeline and LNG delivery

According to Alexander Novak, Russia’s Deputy Prime Minister, Gazprom will deliver around 30 Bcm of gas to China via the Power of Siberia pipeline this year.
The remaining 10 Bcm will come from liquefied natural gas (LNG) exports.
Data from S&P Global Commodity Insights indicate that Russian LNG exports to China have already reached 5 Bcm in 2024, from the Yamal LNG, Sakhalin 2 and Portovaya LNG projects.

Capacity Expansion

Russia is already looking to the future with expansion plans.
Gazprom plans to start exporting 10 Bcm/year of gas to China via a new route in the Far East by 2027.
Gas consumption in China, which reached 405 Bcm in 2023, is set to double by mid-century, boosting demand for Russian gas.

Changes in Russian Gas Exports

The majority of Russia’s pipeline gas export capacity was initially destined for Europe.
However, sanctions and political tensions have prompted Gazprom to diversify its markets.
The construction of the Power of Siberia 2 pipeline, with a planned capacity of 50 Bcm/year, illustrates this diversification strategy.
In 2023, exports via the first Power of Siberia pipeline totaled 22.7 Bcm, up from 15.4 Bcm in 2022.
Since the start of exports in 2019, Gazprom has gradually increased volumes, demonstrating the reliability and growing importance of this energy corridor.

Market Impact and Future Outlook

Spot LNG prices for deliveries to Northeast Asia remain high, with the Platts JKM reference price valued at $12.01/MMBtu in July 2023.
This situation could further boost Russian LNG exports to China, offering an economical and reliable alternative.
With gas deliveries to Europe declining, Gazprom has also stepped up supplies to close neighbors such as Uzbekistan and Kyrgyzstan.
Gazprom’s global gas production has fallen to 359 Bcm in 2023, but the strategy of redirecting supplies to Asia seems to be bearing fruit.
The steady increase in Russian gas exports to China strengthens Russia’s position in the Asian energy market.
As Chinese demand continues to grow, cooperation between the two countries is set to strengthen, with ambitious projects and strategic investments.

  • Popular on energynews.pro
Chestnut Carbon secures pioneering non-recourse financing of $210mn for afforestation in the U.S.
Turkey proposes new expanded energy deal to Iraq with oil, gas and electricity
NANO Nuclear reaches key milestone with prototype induction pump for reactors
Kazakhstan launches oil refining strategy to 2040 with $5bn in investments
Iberdrola raises $5.9 billion to strengthen its grids in the UK and the US
Woodside takes control of Bass Strait gas assets in strategic transfer with ExxonMobil
Woodside Energy will operate the Bass Strait gas assets following an agreement with ExxonMobil, strengthening its position in the Australian market while maintaining continuity of domestic supply.
Is Europe replacing Moscow with Washington in its energy dependence
The EU-US agreement could create a higher energy concentration than that of Russia before 2022, threatening the European diversification strategy.
Al Shola Gas secures over $517,000 in LPG contracts in Dubai for 2025
Al Shola Gas strengthens its position in Dubai with major liquefied petroleum gas supply and maintenance contracts, exceeding $517,000, covering several large-scale residential and commercial sites.
BW Energy secures the Deepsea Mira rig for drilling the Kudu well in Namibia
BW Energy and NAMCOR E&P announce the engagement of the Deepsea Mira rig for drilling the Kharas appraisal well on the Kudu field, offshore Namibia, with a campaign scheduled for the second half of 2025.
The rapid decline in methane emissions in the Permian disrupts the oil sector
The Permian Basin has seen a drop of over 50% in methane emissions intensity over two years, according to S&P Global Commodity Insights, illustrating the impact of advanced technologies and enhanced operational management.
Naftogaz signs first Transbalkan gas deal with Azerbaijani SOCAR
Naftogaz and the State Oil Company of the Republic of Azerbaijan (SOCAR) have formalised an initial contract for natural gas delivery via the Transbalkan corridor, opening new logistical perspectives for Ukraine’s energy supply.
Equinor extends Hammerfest LNG terminal shutdown until August 3
Equinor postpones the restart of its Hammerfest LNG terminal by five days, a key site for European liquefied natural gas supply.
Mozambique seeks Russian companies’ participation in natural gas development
Mozambique aims to strengthen the presence of Russian companies in natural gas exploration and production as the country looks to diversify its partnerships in the natural resources sector.
Hungary asserts refusal to abandon Russian oil and gas in face of European Union
Hungarian Minister of Foreign Affairs and Trade Peter Szijjarto states Budapest will block any European ban on Russian hydrocarbon imports, stressing the impact on household energy costs.
The International Energy Agency forecasts 7% growth in global LNG trade in 2026
The International Energy Agency anticipates an acceleration in global liquefied natural gas trade, driven by major new projects in North America, while demand in Asia remains weak.
Naturgy posts record half-year profit of €1.15bn following Iberian blackout
Spanish group Naturgy reports an unprecedented net profit, driven by rising electricity prices and increased use of its gas-fired power plants since the major Iberian grid outage.
Dutch court lifts freeze on Gazprom stake in joint venture with Wintershall
The Hague court has authorised the release of Gazprom’s shares in Wintershall Noordzee, following a judicial decision after several months of legal proceedings involving Ukrainian companies.
SSE launches construction of Platin Power Station to strengthen Irish supply
SSE plc invests up to €300mn ($326mn) in a new 170MW power plant in County Meath, aiming to ensure energy security and support the growing demand on Ireland's power grid.
Egypt accelerates oil arrears payments to revive gas sector
The Egyptian government has paid over $1 billion to oil majors to secure natural gas production and restore international investor confidence.
CMA CGM and TotalEnergies create joint venture for LNG bunkering in Rotterdam
CMA CGM and TotalEnergies announce a strategic partnership with the creation of a joint venture to operate a liquefied natural gas (LNG) bunkering vessel with a capacity of 20,000 m³, based in Rotterdam.
Global gas flaring hits record level of 151 bcm, weighing on the industry
The amount of gas flared globally surged to 151 billion cubic meters, the highest level in nearly twenty years, resulting in losses estimated at 63 billion USD and raising concerns for energy security.
Europe records record LNG imports since April
Since early April, Europe has imported nearly 45 billion cubic meters (bcm) of liquefied natural gas (LNG), with storage prospects for winter putting pressure on gas prices.
SEWA completes 89 km natural gas network in Al Hamriyah for $3.81mn
The Sharjah Electricity, Water and Gas Authority has completed a natural gas network in Al Hamriyah, spanning over 89 kilometres at a total cost of $3.81mn.
Europe restricts diesel made from Russian crude, prices surge
The European ban on fuels refined from Russian crude is reshaping import flows, adding pressure to already low inventories and triggering an immediate diesel price rally.
Asia-Pacific LNG physical market jumps 86% year over year despite geopolitical tensions
LNG trading volumes in the Asia-Pacific region reached 1.24 million tonnes, driven by summer demand and rising participation, despite a 21% monthly decline linked to geopolitical uncertainty.

FOSSILS

POLICY

RENEWABLE

PLUS

© XMARKET PUBLISHING