Gazprom has increased gas supplies to China via the Power of Siberia since mid-November

From mid-November 2023 PJSC Gazprom (MOEX: GAZP) significantly increased the volume of gas supplies to China via the Power of Siberia pipeline. This was announced by Gazprom Chairman of the Board Vitaly Markelov during a meeting with CNPC Vice President Huang Yongzhang in Beijing.

As part of a meeting of the joint coordination committee between Gazprom and the Chinese company CNPC, the parties summed up the results of 2023 and discussed plans for key areas of cooperation in 2024.

“Russian gas supplies through the Power of Siberia gas pipeline are proceeding reliably. Companies are preparing for a planned increase in supplies in 2024. Since mid-November of this year, the volume of supplies has increased significantly in accordance with the previously signed additional agreement to the gas purchase and sale agreement,” the statement says. press release based on the results of the meeting, published on the Gazprom website.

October 19 Gazprom and CNPC concluded agreement on additional gas supplies to China via the Power of Siberia pipeline. The agreement will be valid until the end of 2023. According to the head of Gazprom, Alexey Miller, the Chinese authorities are considering the possibility of increasing supplies through the Power of Siberia after reaching the design capacity of 38 billion cubic meters. m in 2025.

In the next 15 years, Gazprom is going to strengthen its presence in the Central Asian market against the backdrop of declining supplies to the European market. Alexey Miller, in particular, announced his readiness to increase supplies to Kazakhstan, Uzbekistan and Kyrgyzstan, as well as expand existing capacities and gasification.

Read more in the Kommersant article. “Gazprom is turning to the south”.