China has significantly increased its purchases of both pipeline gas and liquefied natural gas (LNG) from Russia between January and July of this year, according to data released by the Chinese General Administration of Customs. The value of pipeline gas supplies reached $3.94 billion during this period, nearly double the amount recorded last year. In July alone, China purchased $555.57 million worth of Russian pipeline gas.
China’s main source of Russian gas is the Power of Siberia mega pipeline. Gazprom, the Russian energy major, recently announced that it had set a new record for daily gas deliveries through this route on July 31. Since the start of the year, gas flows via the pipeline have been steadily increasing as part of the additional supply agreement signed between Moscow and Beijing. The two countries are also collaborating on the Power of Siberia 2 energy project, which entails constructing an additional gas route to China through Mongolia.
Furthermore, China has significantly increased its purchases of Russian LNG in the first seven months of this year. The volume of LNG deliveries reached 4.46 million tons, with a value of $2.98 billion, representing a growth of over 60% compared to the same period last year. As a result, Moscow has become China’s third-largest LNG supplier after Australia and Qatar.
This surge in Russian gas and LNG imports comes as China continues to expand its energy resources to meet its increasing demand. Natural gas has become a vital component of China’s energy mix as it aims to reduce its reliance on coal and lower carbon emissions. Russian gas offers a reliable and cost-effective solution to China’s growing energy needs.
The strengthening energy partnership between Russia and China not only secures a stable supply of natural gas for China but also brings economic benefits to both countries. China’s increased imports of Russian gas contribute to the growth of bilateral trade between the two nations.
Looking ahead, the collaboration between Russia and China in the energy sector is expected to continue expanding. With ongoing projects like the Power of Siberia 2, both countries are further enhancing their energy cooperation and diversifying their energy supply chains.
In conclusion, China’s purchases of Russian pipeline gas and LNG have seen significant growth between January and July of this year. The value of pipeline gas purchases has nearly doubled, while LNG imports have increased by over 60%. This surge in imports underscores the strengthening energy partnership between Russia and China, with Russia becoming an important supplier of natural gas to China. The collaboration between the two countries is expected to deepen further as they work together on future energy projects.
Source link
