Russia’s exports of natural gas to China are expected to see a year-on-year increase of as much as 50% in 2023, Gazprom CEO Aleksey Miller said during a meeting with President Vladimir Putin on Tuesday.
Gas supplies to the South Asian nation this year will exceed contract obligations and reach 23.2 billion cubic meters, according to Miller, who added that in 2022 the exports had totalled 15.5 billion cubic meters.
Gazprom set a new record last week for daily gas supplies to China through the Power of Siberia mega pipeline, according to Miller. The energy giant has reported records for daily exports nine times since the beginning of 2023.
Miller also said that gas supplies to Russia’s leading trading partner will further grow and are forecast to hit 38 billion cubic meters in 2025.
Gazprom supplies natural gas to China under a long-term contract sealed with the China National Petroleum Corporation (CNPC). The Power of Siberia is part of a $400 billion, 30-year agreement between Gazprom and CNPC clinched in 2014.
Russia’s gas exports to China are projected to grow to 100 billion cubic meters annually, taking into account the transit gas pipeline through Mongolia.
Sales of Russian gas to the EU have dwindled due to Ukraine-related sanctions and the sabotage of the Nord Stream pipelines, previously Russia’s key gas route to the region. However, Gazprom has successfully redirected its energy trade towards Asia, with China emerging as its largest importer.
According to Deputy Prime Minister of Russia Alexander Novak, China accounts for 50% of Russia’s energy exports, while the share purchased by India is approaching 40%.
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