Russian oil and gas giant Gazprom set a new record for gas supplies to China via the Power of Siberia pipeline on December 7 - RT reported on December 9.
Gazprom said it had exceeded exports as requested by China. This is the 8th time Gazprom has exceeded its daily supply record since the beginning of the year.
Russia has agreed to supply China with 38 billion cubic meters of gas per year via the Power of Siberia pipeline from 2025 under a long-term bilateral contract.
Gazprom expects that by the end of 2024, gas supplies to China will exceed annual contractual obligations, pushing pipeline supplies to a maximum of 38 billion cubic meters a month ahead of schedule.
"We see growing demand for Russian gas in the Chinese market and the important role of Russian gas in a stable energy supply for the Chinese economy," said Aleksey Miller, CEO of Gazprom. Long-term contracts between Gazprom and the National Oil and Gas Group of China (CNPC) strengthen the good neighborly relationship between our two countries.
China is receiving most of its Russian gas via the Power of Siberia pipeline - part of the Eastern Route - which was partially put into operation in December 2019, becoming the first pipeline to supply Russian gas to China.
The eastern route includes the 3,000-km Power of Siberia pipeline in Russia and part of it in China, which covers a total of 5,111km.
The project is part of a $400 billion, 30-year deal signed between Russia's Gazprom and China's CNPC in May 2014.
China is the world's largest energy consumer, with an increasing demand for gas to serve the transition to clean energy and reduce dependence on coal. Meanwhile, Russia is one of the world's largest gas exporters, with huge gas reserves, especially in Siberia and the Far East.
Gas trade cooperation benefits both sides: Russia diversifies markets outside Europe, while China ensures stable supply for long-term demand.
For Russia, gas trade relations with China are strategically important in the context of tensions with the West and sanctions related to the conflict in Ukraine. The Chinese market helps Russia reduce its dependence on the European market.
For China, gas from Russia ensures energy security, while reducing risks due to dependence on other suppliers such as the Middle East or Central Asia.
