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World Russia Opening Giant Gas Link to China as Putin Pivots East

12:10  02 december  2019
12:10  02 december  2019 Source:   bloomberg.com

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, Russia is starting pipeline natural gas supplies to China . Gazprom will supply 38 billion cubic meters of gas annually. Power of Siberia gas pipeline The 3,000-kilometer link , which has become a symbol of President Vladimir Putin ’s pivot to the fast-growing economies of Asia as relations deteriorate with

China and Russia have avoided open antagonism in Central Asia, but while Russia is leaning hard on former Soviet satellites to back it over Ukraine, China is Twenty-five years ago this month Mikhail Gorbachev came to China as a dynamic communist reformer reshaping the Soviet Union, just when

(Bloomberg) -- The world’s biggest natural gas exporter and one of the globe’s top consumers of the fuel cement their energy cooperation on Monday with the launch of Russia’s giant Power of Siberia pipeline to northern China.

NALCHIK, RUSSIA  NOVEMBER 29, 2019: Russia's President Vladimir Putin chairs a meeting of the Presidential Council for Interethnic Relations. Mikhail Metzel/TASS (Photo by Mikhail Metzel\TASS via Getty Images)© Mikhail Metzel\TASS via Getty Images NALCHIK, RUSSIA NOVEMBER 29, 2019: Russia's President Vladimir Putin chairs a meeting of the Presidential Council for Interethnic Relations. Mikhail Metzel/TASS (Photo by Mikhail Metzel\TASS via Getty Images)

The 3,000-kilometer link, which has become a symbol of President Vladimir Putin’s pivot to the fast-growing economies of Asia as relations deteriorate with the West, begins shipping gas from Russia’s enormous reserves in its eastern regions to the border. It will then link up with China’s own network to supply the fuel as far as the eastern seaboard and help satisfy the nation’s vast and growing energy needs.

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Russian President Vladimir Putin and Chinese leader Xi Jinping launch Monday a gas pipeline that is the first of three ambitious projects intended to cement Moscow's role as top gas exporter. Putin and Xi are to inaugurate by video link -up the "Power of Siberia" pipeline, sending Siberian gas to China in

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a close up of a map: New Route to Asia© Bloomberg New Route to Asia

Gazprom PJSC, Russia’s biggest gas producer, signed the $400 billion contract to supply as much as 38 billion cubic meters of gas annually for 30 years with China National Petroleum Corporation in 2014, after more than a decade of talks. It’s Gazprom’s biggest contract ever.

Read More: How Russia-China Gas Pipeline Changes Energy Calculus: QuickTake

The Russian company plans to start with deliveries of 10 million cubic meters a day and aims to reach peak capacity by 2025. Gazprom’s minimum exports to China via the pipeline will be 5 billion cubic meters in 2020, 10 billion cubic meters in 2021 and 15 billion cubic meters in 2022, according to the company.

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BanyanRussia’s pivot to Asia. Vladimir Putin is leaning east , but his engagement is superficial. Recently, Russian sales to China of advanced weapons resumed after being halted a decade ago Russia has been conditioned by its history of expansion into Asia to look down on China as the

Chinese President Xi Jinping has described Russia 's Vladimir Putin as his "best friend" during a three-day visit to Moscow focusing on trade and relations Russia had decided on a pivot to the east years ago after ties worsened with the West over the Ukraine conflict. The two sides have signed a package

Gazprom hasn’t disclosed the price of the gas, but Putin has said it’ll be linked to oil prices, similar to the formula for European consumers. While Russia will have to compete with seaborne supplies of liquefied natural gas from producers such as Qatar and Australia, the expectation is that growth in China’s energy needs will require more pipeline and LNG capacity, to the benefit of other Russian firms such as Novatek PJSC, which is developing LNG on the Yamal peninsula in the Kara Sea.

Gas consumption in Asia’s biggest economy has surged in recent years as the government pressures homes and factories to use it in place of coal to combat air pollution. Imports reached 43% of the total gas supply in 2018, with about two-fifths of that arriving via pipeline from Central Asia and Myanmar, with the rest sourced as seaborne LNG.

Russia and China are already talking about a second link, known as Power of Siberia 2, that would connect through the countries’ western border between Mongolia and Kazakhstan.

--With assistance from Dina Khrennikova and Dan Murtaugh.

To contact the reporter on this story: Olga Tanas in Moscow at otanas@bloomberg.net

To contact the editors responsible for this story: James Herron at jherron9@bloomberg.net, Jason Rogers

For more articles like this, please visit us at bloomberg.com

©2019 Bloomberg L.P.

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