China signs Oil and Gas deal of $117.5 billion with Russia
New Delhi: President Vladimir Putin has unveiled new Russian oil and gas deals with China worth an estimated $117.5bn, promising to ramp up Russia’s Far East exports at a time of heightened tension with European customers over the Ukraine crisis.
Russia, already Beijing’s third-largest gas supplier, has been strengthening ties with China, the world’s biggest energy consumer, reducing its dependence on its traditional European energy customers.
Russia, already Beijing’s number three gas supplier, has been strengthening ties with China, the world’s biggest energy consumer, reducing its dependence on its traditional European energy customers.
Russian President Vladimir Putin at a meeting with President of China Xi said that “our oilmen have prepared very good new solution on hydrocarbon supplies to the people’s republic of China and a step forward was made in the gas industry.”
Russia already sends gas to China via its Power of Siberia pipeline, which began pumping supplies in 2019, and by shipping liquefied natural gas (LNG). It exported 16.5 billion cubic meters (bcm) of gas to China in 2021.
The Power of Siberia network is not connected to pipelines that send gas to Europe, which has faced surging gas prices due to tight supplies, one of several points of tension with Moscow.
(_Vinayak)
