2023-11-03 06:55:00
RUSSIAN OIL, GAS FOR CHINA
REUTERS - November 1, 2023 - China is in talks with Russia's Rosneft (ROSN.MM), Gazprom (GAZP.MM) and Novatek (NVTK.MM) about the joint development of oil and gas fields and hydrocarbon trade, state-owned China National Petroleum Corporation (CNPC) said on Wednesday.
Russia is counting on a planned new pipeline to China as it seeks to make up for lost gas sales in Europe, but industry insiders see major political risks around a project that is overly dependent on one buyer and question whether it will justify the huge costs.
"We are now discussing with Rosneft, Gazprom and Novatek questions on the joint development of oil and gas fields, widening the capacity of pipeline projects and trade of hydrocarbons," said CNPC Vice President Xie Jun at the St Petersburg International Gas Forum.
CNPC and Gazprom are working on speeding up Russian gas supplies to China via the Far Eastern route, he added. Gazprom later said it had signed an agreement with the CNPC and PipeChina on design and construction of a pipeline section in the Far East.
Russian gas supplies to China via the Power of Siberia pipeline began in December 2019 and are expected to reach the contractual level of 38 billion cubic metres (bcm) per year in 2025.
Gazprom signed a second contract to supply 10 bcm per year via the Far Eastern route in February 2022.
Gazprom CEO Alexei Miller said the company was preparing to increase supplies to Central Asian countries Uzbekistan, Kazakhstan and Kyrgyzstan, and provide gas with cooperation for 15 years from 2024.
Russia has been trying to redirect supplies to Asia since its major customers in Europe slashed Russian energy imports after Moscow launched what it calls a "special military operation" in Ukraine in February 2022.
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Earlier:
2023, July, 14, 06:50:00
RUSSIAN OIL VS SANCTIONS
According to price reporting agency Argus Media, Urals crude topped $60 a barrel on Wednesday, climbing above the cap that the Group of Seven set last year in an attempt to restrict revenue to Moscow’s war machine.
2023, July, 14, 06:45:00
RUSSIAN ENERGY REVENUES DOWN
The central bank still expects a current account surplus of $47 billion this year and $38 billion in 2024. On Tuesday, it said in a statement that Russia’s worsening trade balance was caused by a decrease in export volumes as well as the decline in prices mainly for energy exports.
2023, July, 7, 06:42:00
RUSSIAN CAPITAL FLIGHT
The ruble has grown more vulnerable after a deterioration in Russia’s external finances. Unlike last year, when the government earned a record windfall after a rally in commodity prices, export proceeds have fallen sharply in 2023.
2023, March, 3, 12:10:00
CHINA GAS DEMAND WILL UP
China's apparent gas consumption was 366.3 billion cubic metres in 2022, down 1.7% from the previous year, data from the country's National Development and Reform Commission showed.
2023, February, 13, 13:30:00
RUSSIAN FUEL OIL FOR CHINA RISE
China has imported about 2.3 million mt HSFO over December-January, about 235% higher compared to 687,000 mt during November-December, according to Kpler shipping data.
2023, February, 6, 13:05:00
RUSSIA'S GAS PRODUCTION DOWN
Russia’s natural gas production fell by more than 13% in 2022, according to preliminary data published by the Russian state statistics service Rosstat.
2023, January, 16, 12:55:00
RUSSIAN OIL FOR CHINA, INDIA
With India becoming the largest buyer of Russian crude in late 2022 and China posting close to double-digit growth in Russian inflows over January-November, refiners in South Korea, Japan and Thailand are finding it easier to procure term and spot crude supplies from Middle Eastern producers,
