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Tuesday, May 28, 2024

Chinese imports of Russian gas soar

Pipeline flows nearly doubled between January and July in annual terms, customs data shows

China stepped up purchases of both pipeline gas and liquefied natural gas (LNG) from Russia between January and July, according to data released on Sunday by the Chinese General Administration of Customs.

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Pipeline gas supplies amounted to $3.94 billion in monetary terms – roughly double the value recorded during the same period in 2022, nearly matching the level of shipments for the whole of last year ($3.98 billion). The agency does not publish data on the volume of pipeline deliveries, only their cost.

In July alone, China purchased $555.57 million worth of Russian pipeline gas.

China gets most of its Russian gas via the Power of Siberia mega pipeline. Earlier this month, Russian energy major Gazprom reported setting a new record for daily gas deliveries through this route on July 31. The company has been gradually increasing gas flows via the pipeline since the beginning of the year, when Moscow and Beijing signed an agreement for additional supplies.

The two countries are also working on the Power of Siberia 2 energy project, which involves the construction of an additional gas route to China through Mongolia.

Meanwhile, customs data showed that Beijing also significantly increased purchases of Russian LNG in the first seven months of this year. Deliveries amounted to 4.46 million tons worth $2.98 billion, more than a 60% increase against the same period last year. This made Moscow China’s third-largest LNG supplier in the reporting period after Australia (13.5 million tons) and Qatar (9.51 million tons).

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