CNPC, Gazprom sign deal related to Power of Siberia
Chinese state-owned energy company CNPC has signed an agreement with Russia’s Gazprom related to the Power of Siberia gas pipeline, it said on September 7 in a statement.
The two companies held a video conference on September 6 and discussed cooperation in the field of natural gas. “During the meeting, the two sides signed the relevant supplementary agreement on the "Sino-Russian East Route Natural Gas Purchase and Sale Agreement",” CNPC said without offering any further details.
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Russia launched pipeline gas sales to China via the 38bn m3/year Power of Siberia in late 2019. Currently, the pipeline flows gas from only one source, the Chayandinskoye field in Yakutia. Last month, Gazprom CEO Alexei Miller said his company expects to bring the Kovyktinskoye gas field in the east region of Irkutsk by the end of the year, in order to boost gas supply to China via the Power of Siberia pipeline.
Russia is banking on increased Chinese sales to offset some of the lost volumes to the European market over the coming years.