Due to escalating tensions with the West,Russian leaders announced many years ago that the country will shift its economic development focus to the East,which is also evident in natural gas transportation.
Russian state-owned energy company Gazprom has become China’s most important pipeline natural gas supplier.According to the Russian news agency Interfax,citing Chinese customs,the company exported 2.5 billion cubic meters of natural gas through the”Siberian Power”route in February.Turkmenistan,the long-term record holder,only exported 2.4 billion cubic meters during the same period.Due to escalating tensions with the West,Russian leaders announced years ago that the country would shift its economy towards the East.
The project application shows that the transportation capacity of the Siberian Power pipeline,which was put into operation in 2019,is 38 billion cubic meters per year.Russia also supplies liquefied natural gas.This figure in February is equivalent to 593 million cubic meters.This places the country fourth among China’s liquefied natural gas suppliers.Russia has long held a leading position in natural gas transportation to China,including liquefied natural gas and pipeline natural gas.
The International Energy Agency believes that global natural gas demand will experience”strong growth”in 2024 compared to 2023,mainly driven by low temperatures and falling prices.The institution has not yet ruled out the possibility of”new turbulence”in the market.
The International Energy Agency predicts that global natural gas demand may increase by 2.5%in 2024,and the market will be more robust than in 2023(a growth of 0.5%).The institution pointed out,”The winter temperature in 2024 will be colder than the warm winter in 2023,which will increase the demand for heating in households and businesses.”
The natural gas market has been in a state of tension since entering the post epidemic era in 2021,which will become more prominent after the escalation of the Russia-Ukraine conflict in 2022.In 2022,natural gas prices reached their peak,but in 2023,they significantly decreased.The International Energy Agency explained,”This also supports the recovery of natural gas demand.”In 2023,natural gas prices decreased by 70%compared to 2022.
The report states that Gazprom is supplying natural gas in accordance with a long-term contract signed with China National Petroleum Corporation Limited.
The Kovitta natural gas field and the”Kovitta Chayanda”natural gas pipeline,located in Irkutsk Oblast,Russia,were officially put into operation and put into operation on December 21,2022.This means that the”Siberian Power”natural gas pipeline of the China Russia East Gas Pipeline project in Russia will be fully connected.