Gazprom reveals information related to Power of Siberia 1 pipeline; gas prices in Europe increase 8%

Natural gas exports from Russia to China via the Power of Siberia 1 pipeline will exceed 22.5 billion cubic meters (bcm) this year, Alexei Miller, head of state-owned energy giant Gazprom, said on December 28.

Russian gas exports to China have surged. (Source: Getty Images)

According to Gazprom experts, this volume exceeds the contractual obligation by 22 bcm. Natural gas supplies from Moscow to Beijing via the Power of Siberia pipeline will reach a planned peak of 38 bcm in 2025. Exports via this route began in late 2019. Russia has also been negotiating for years the construction of the Power of Siberia 2 pipeline to transport 50 bcm of natural gas a year from the Yamal region in the north of the country to China via Mongolia - close to the volume of the currently idle Nord Stream 1 project. The plan has gained urgency as Russia aims to double gas exports to China to make up for the drop in exports to Europe after the military campaign in Ukraine broke out in February 2022. However, agreement on key issues, including prices, remains elusive. * Natural gas futures for July delivery at the Transfer of Title Facility (TTF) in the Netherlands rose 8.4% to $429.80 per 1,000 m3, or €37,055 per megawatt-hour (MWh) at household prices. The increase in natural gas prices comes amid heightened tensions in the Middle East, a key energy supplier and a vital oil transit route. In particular, the escalating conflict between Israel and Gaza could spread across the region.

Source: https://baoquocte.vn/gazprom-tiet-lo-thong-tin-lien-quan-duong-ong-power-of-siberia-1-gia-khi-dot-tai-chau-au-tang-8-255654.html