RUSSIAN GAS FOR CHINA

GAZPROM - A working meeting between Alexey Miller, Chairman of the Gazprom Management Committee, and Zhang Gaoli, First-ranked Vice Premier of the People's Republic of China, took place in Beijing.

The meeting addressed a wide range of issues pertaining to strategic cooperation. Particular attention was paid to Russian gas exports to China, especially the progress in the establishment of the eastern route and the prospective project for gas supplies from Russia's Far East.

Also today, a working meeting was held between Alexey Miller and Wang Dongjin, Vice President of CNPC and President of PetroChina. The parties discussed the arrangement of gas exports from Russia's Far East to China and reaffirmed their commitment to set out the modalities by the end of this year.

The meetings also touched on such subjects as the project for gas deliveries via the western route and joint efforts regarding gas storage, gas-fired power generation, and the use of natural gas as a vehicle fuel, including through the development of the Europe – Western China international transport route.

As noted by Alexey Miller, "since early 2017, China's gas demand has grown significantly; according to the latest data, in January-July alone gas consumption in China added 16 per cent compared to the same period of last year. That growth is mainly caused by the campaign for converting industrial consumers from coal to natural gas in order to fight air pollution in China. Seeking to meet the demand, China increases its gas imports considerably. In January-July, gas imports totaled 51 billion cubic meters, an increase of 20 per cent, or 9 billion cubic meters, in the span of six months. The share of imports in the country's gas balance is rising; it is currently at 38 per cent. Faced with some volatility in pipeline gas supplies from Central Asia – certain countries did not deliver in January-April – LNG procurements exhibited growth, including under spot contracts, of 140 per cent.

China's stated aims for gas industry development up to 2020 (with the share of gas in the energy mix reaching 8–10 per cent and UGS capacity doubling), coupled with CNPC revising upward its forecasts for gas consumption up to 2030 (620 billion cubic meters compared to last year's forecast of 510 billion), create great potential for deepening cooperation with Gazprom."

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Earlier:

September, 25, 13:15:00 RUSSIA - CHINA INVESTMENT So the $9.1bn stumped up by CEFC China Energy this month for a 14.16 per cent stake in Russian oil producer Rosneft was a welcome surprise for those keen for China to become a big investor in Russia. English

September, 22, 09:00:00 RUSSIAN OIL FOR CHINA Chinese oil refineries are gearing up to receive more Russian oil transported through an expanded Siberian pipeline network from January, likely cementing Russia’s position as China’s largest oil supplier in a close race with Saudi Arabia. English

September, 18, 12:30:00 RUSSIA - CHINA - VENEZUELA OIL “The principal risk regarding Russian and Chinese activities in Venezuela in the near term is that they will exploit the unfolding crisis, including the effect of US sanctions, to deepen their control over Venezuela’s resources, and their [financial] leverage over the country as an anti-US political and military partner,” observed R. Evan Ellis, a senior associate in the Center for Strategic and International Studies’ Americas Program. English

September, 13, 15:10:00 IMF: SOUTHEAST ASIA'S TRANSFORMATION IMF - When we think about Asia’s economic future, we know that this future is being built on strong foundations—on the richness and diversity of its cultures, on the incredible energy and ingenuity of the people who have changed the world by transforming their own economies. China and India have been driving the greatest poverty reduction in human history by creating the world’s largest middle classes. In a single generation, Vietnam has moved from being one of the world’s poorest nations to being a middle-income country. English

September, 13, 15:05:00 WBG & IMF NEED CHINA We reiterate our commitment to a strong, quota-based, and adequately resourced IMF to preserve its role at the center of the Global Financial Safety Net. We support the work of the IMF to strengthen its cooperation with regional financing arrangements, and its ongoing work to further enhance the effectiveness of its lending toolkit. English

September, 11, 12:35:00 CHINA BUYS ROSNEFT 14.16%, $9 BLN CEFC China Energy is set to take a stake of almost $9bn in Russian state-controlled oil company Rosneft, in a major strengthening of energy ties between Beijing and Moscow as relations deteriorate with the west. English

September, 8, 08:45:00 CHINA'S LNG IMPORTS UP 45% Over the first seven months of 2017, China's imports of liquefied natural gas (LNG) averaged 4.3 billion cubic feet per day (Bcf/d), or 45% higher than during the same period in 2016. With the exception of a slight decline in 2015, LNG import into China have grown steadily over the last decade, increasing by 33% between 2015 and 2016. LNG imports growth has been supported by both government policies to replace some coal and oil use with natural gas as well as lower natural gas import prices. English