According to the forecast of the Ministry of Economics, Russia expects that the sale of its natural gas to China will be less profitable than exports to the West. According to the draft budget submitted to the State Duma on Monday, the Ministry of Economy of the country predicts that gas prices for China will be at least 27% lower than for deliveries to Turkey and its few customers in Europe over the next three years. In 2025, the prices in prices are even more and is 38%, writes Bloomberg.
The publication notes that, according to forecasts, the transition to gas export to China has not compensated for the loss of most European gas markets in Moscow since its full -scale invasion of Ukraine in 2022. Gas streams through pipelines to the west were once the largest source of income for PJSC Gazprom. Now, after the conclusion of a new large-scale agreement on the Power of Siberia, the Russian gas giant is more dependent on China than ever.
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Gazprom CEO Alexei Miller stated that the prices for China are “objectively lower” than for Europe, since the gas deposits providing an Asian route are located closer to the consumer. According to the basic scenario of the Ministry of Economy of the Russian Federation, this year the price of export to China is estimated at $ 248.70 per thousand cubic meters, compared with 401.90 dollars for supply to Western markets, with the exception of the former Soviet republics.
It is expected that deliveries to China for the Power of Siberia pipeline will grow by more than 20% in 2025 compared to last year, since the pipeline will reach its design capacity of 38 billion cubic meters per year.
Recently, Gazprom and the Chinese National Oil Corporation signed a commercial agreement on an increase in supplies for this pipeline by 6 billion cubic meters per year. Both companies also agreed to increase annual deliveries on the so -called Far Eastern route by 2 billion cubic meters up to 12 billion cubic meters, and deliveries should begin in 2027.
The latest breakthrough for Gazprom in China was a legally binding agreement on the construction of the long-awaited pipeline through the Siberian-2 Power Mongolia, which can allow the Russian manufacturer to supply up to 50 billion cubic meters a year for 30 years. Russian President Vladimir Putin said that the gas price formula for supplies for this pipeline will be market, but the details remain unclear.
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For comparison, last year Gazprom exported more than 21 billion cubic meters of gas to Turkey, as well as almost 16 billion cubic meters in several friendly countries of Europe through the Turkish Stream pipeline.
The European Union plans to completely stop the purchase of Russian gas until the end of 2027, as well as minimize the import of Russian oil. However, this initiative is constantly sabotage Hungary and Slovakia, which do not intend to abandon the energy carriers of the Russian Federation.
The National Oil and Gas Company Mol Group still imports about 5 million tons of Russian oil a year on the Druzhba pipeline, that is, transit through the territory of Ukraine. At the same time, the power of Orban allows you to hold the scheme: " And this despite the fact that the country has alternatives. This is written by Mikhail Gonchar, President of the Globalistics Center "