Russia sets daily record in gas supplies to China through Power of Siberia pipeline

Bullion Bite
Russia sets daily record in gas supplies to China through Power of Siberia pipeline

Russian energy giant Gazprom has announced that it has reached a daily record of gas volumes supplied to China through the Power of Siberia pipeline. On March 20, China’s request for Russian gas supplies significantly exceeded the existing daily contractual obligations, according to the statement. Gazprom delivered the requested volumes and set a new historical record for daily gas supplies to China. The company, however, declined to comment on the volumes, describing them as closed commercial data.

Russia's economic pivot to China has been a significant boon to Moscow as it lost much of its market share in Europe after the Ukraine conflict intensified. Since the West piled more sanctions on Moscow for its military intervention in Ukraine launched last year, China has emerged as a key economic partner for Russia.

Deliveries via the Power of Siberia pipeline in Russia’s Far East reached an all-time high of 15.5 billion cubic meters in total last year. By 2025, Moscow aims to more than double exports through the pipeline to 38 billion cubic meters each year. In an article published by the Kremlin ahead of the Chinese President Xi Jinping’s visit, Russian President Vladimir Putin described the Power of Siberia pipeline as the most important economic partnership of the last 100 years.

The announcement came as Putin hosts Xi for a second day, with the leaders expected to sign agreements on economic integration. The two leaders have been strengthening their countries' economic ties and increasing trade volumes in various sectors. Russia has been exporting more oil and gas to China, while China has been importing more agricultural products, particularly soybeans, from Russia.

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