The European Union banned gas supplies from Russia after Russia attacked Ukraine. However, the inside thing is that the gas in the European Union is reaching Russia only. The only change has come that now it is reaching through China. Simply put, Russia, failing to sell its gas to the EU, is channeling China. In this way, his gas supply is also not getting interrupted and he is also making a profit. At the same time, China is also earning by bargaining in the middle. Perhaps this is the reason why the plan for the Russia-China gas pipeline is also taking a new form.
Gas supply is happening since December 2019
By the way, Russian Energy Minister Alexander Novak clarified earlier this year about replacing the damaged Nord Stream 2 gas link. The supply of natural gas from Russia to China was started in December 2019. The supply began under a $400 billion contract in 2014 between Russian gas company Gazprom and China's National Petroleum Corporation. The contract was signed for 30 years and Russia has supplied 10 billion cubic meters of natural gas to China. This gas from Russia has been used in North-East China's Heilongjiang province, Beijing and Tianjin.
Gas pipeline nearing completion
Now China and Russia are on the verge of completing a new gas pipeline. Through this gas will be supplied from Siberia to Shanghai. On the Russian side, this pipeline is being called the Power of Siberia. The 3000 km long pipeline will run from eastern Siberia to Shanghai in eastern China. Its initial test will be on October 25, during which a pressure test will be done. The pipeline will pass through China's east coast to the capital Beijing and then to Shanghai. According to Chinese state media, its middle phase started in December 2020, while the final south part will start gas delivery in 2025.
didn't know the future then
When Gazprom and China's National Petroleum Corporation signed an agreement on gas supply in 2014, no one had imagined what its future would be in 2022. Today Russia is on the verge of losing natural gas delivery agreements with the European Union and allies due to the war with Ukraine. If this happens, two-thirds of Russia's gas purchases will be affected. On the other hand, China is also looking at the other side regarding energy sources. On the other hand, the volume of gas supply running since 2019 has increased after the Russo-Ukraine war. In such a situation, it seems to be a strategy by China to take advantage of Russia's weakness. China also has the option of importing natural gas from other suppliers such as Turkmenistan.
New pipeline via Mongolia
China and Russia are in discussions to build another pipeline. It is expected to pass through Mongolia and reduce the time and cost of transportation of natural gas. While the Power of Siberia-1 passes through East China, the new pipeline is expected to pass through Mongolia. It will travel from the Yamal-Nenets region to Mongolia and China, supplying 50 billion cubic meters of gas annually. It will be known as the Power of Siberia-2. Preparations for its construction can be done in late 2024 or early 2025 and it is estimated to be completed by 2030.
Transactions in Rubel and Yuan
Gazprom and China National Petroleum Corporation have agreed to pay each other in rubel and yuan. The intention behind this is to reduce dependence on the US dollar and the euro. Gazprom CEO Alexey Miller said in a statement that it will be a profitable, timely, reliable, and practical solution for both countries.
Is China supplying Russian gas to the EU?
According to the information, Europe's gas storage is currently filled up to 80 percent due to China's LNG exports. Export data from China and Chinese LNG companies shows that it has increased after Russia's supply to the European Union was cut off. Reports suggest that 7 percent of the EU's gas is being imported from China. This raises the question of whether China is taking gas from Russia and selling it to the European Union. If this continues, Russia can supply more gas to China. In such a situation, on the one hand, Russia's gas exports will also continue and China will continue to make profits by reselling it. Diplomatic experts say that Russia can take advantage of this situation in this way. However, how long this will last is difficult to say as the EU has other options such as Norway, Turkmenistan, Qatar, Israel, and Iran.
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