Compared to the previous year, the Russian energy giant produces significantly less gas. The demand in China does not replace the supplies via the Nord Stream pipeline to Europe.
Against the background of reduced delivery volumes to Europe, the Russian energy giant Gazprom increased gas exports to China by almost 61 percent in the first seven months of 2022 – but still had to reduce its production. “According to preliminary data, Gazprom produced 262.4 billion cubic meters of gas, which is 12 percent (35.8 billion cubic meters) less than in the previous year,” the company announced on its Telegram channel on Monday.
While domestic consumption remained relatively stable at minus two percent from January to July, according to Gazprom, demand from abroad in particular has fallen sharply. The group puts the minus at more than a third (34.7 percent). That’s about 40 billion cubic meters of gas that Gazprom has sold less abroad. This has primarily to do with the supply cuts to Europe, where Moscow has, among other things, reduced gas exports via the Baltic Sea pipeline Nord Stream 1.
Only exports to China developed positively – via the “Power of Siberia” pipeline. However, the volume of Russian gas supplies to China cannot be compared with the European market. In 2021 as a whole, Gazprom only exported 10.39 billion cubic meters of gas via the “Power of Siberia”. In the same period, around 180 billion cubic meters were pumped towards Europe and Turkey.
Telegram channel of Gazprom (Russian)
Source: Stern
Jane Stock is a technology author, who has written for 24 Hours World. She writes about the latest in technology news and trends, and is always on the lookout for new and innovative ways to improve his audience’s experience.
