INSUBCONTINENT EXCLUSIVE:
As President Vladimir Putin paid a state visit to China in May, his Deputy Prime Minister Alexander Novak said that Moscow and Beijing were
sign a contract for the construction of a gas pipeline with a capacity of 50 billion cubic meters (bcm) of gas through the territory of
Since then, there have been no public announcements suggesting the contract has moved on
And the future prospects are not promising.Russia has a contract for gas transit to Europe with Ukraine (40 bcm per annum) that runs out at
The Ukrainian leadership has indicated that it may not be prolonged.There is the Turk Stream pipeline that transports gas to Turkey and then
the pipeline itself nears its full capacity.Pivot to the EastOne option for Gazprom is to divert its gas flows from Europe to Asia,
primarily by looking in the direction of Beijing
The monopoly has already attempted to do that, introducing a decade ago the Power of Siberia pipeline, capable of carrying up to 38 bcm of
gas from the fields of East Siberia to China
But it is expected to hit full capacity by 2025-26.There is also the pipeline from the Far East island of Sakhalin, which with luck could
Miller at the launch of the Kovykta field, part of the Power of Siberia gas pipeline in 2022.kremlin.ruWith no significant remaining
Gazprom, surprisingly or not, does not really have.According to independent oil and gas analyst Mikhail Krutikhin, the first Power of
Siberia pipeline was unprofitable from the start because of the prices that China was willing to pay for the exported gas, which were
several times below what Europe paid on average
they have a diversity of supply
been the main origin of income for Moscow
Russian state was through the political influence that it wielded
been destroyed.And it is unlikely that this capital will be gained in China, which differs from Europe both geographically and
This leaves Gazprom very exposed to commercial risk and makes the pipelines a key element of the political relationship between the two
But maybe there is still a view in Moscow that long-term, Europe would still need Russian gas and things will settle down, he said.Until
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