Contents tagged with Power of Siberia
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Power of Siberia 2: a risky gamble for Russia's gas future amid looming global oversupply
In a bid to recover from the loss of the European gas market, which had been a major source of revenue for the Russian budget for many years, the Kremlin is desperately trying to boost gas supplies to Asia. Moscow is especially keen on ramping up its gas exports to China and has been in lengthy discussions with the Chinese about building the "Power of Siberia – 2" pipeline. However, experts warn that this move might have an adverse effect on Russia.
The International Energy Agency (IEA) has …
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Mongolia rejects 'Power of Siberia-2' gas pipeline, deals major blow to Russia's energy ambitions
In a significant setback for Moscow, Mongolia has definitively rejected the proposal to build the "Power of Siberia-2" gas pipeline. The Chinese newspaper South China Morning Post has reported that Mongolia has officially excluded the pipeline from its long-term plans extending up to 2028.
Experts interpret Mongolia’s decision as the final rejection of the contentious project, which was seen as a financial lifeline for a Russia grappling with sanctions. Losing access to the European gas market …
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Russia begins work on new gas pipeline to China
Nord Stream-2 is not yet completed, but Russian gas giant Gazprom has already started designing a new gas pipeline, which will transport Russian gas to China via Mongolia. On Monday, the head of Russia's Gazprom, Alexei Miller, announced the start of work on the Power of Siberia-2 gas pipeline.
"On behalf of the Russian President, Gazprom has started design and preparatory work on the Power of Siberia-2 gas pipeline. It could become a new export channel with a capacity of up to 50 billion …
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With no one to sell to, Gazprom cuts natural gas purchases from Turkmenistan
The head of Russian natural gas giant Gazprom, Alexei Miller, recently reported to President Vladimir Putin that his company is able to harvest 617 billion cubic meters of gas annually, but last year it was able to sell only 444 billion, meaning the Public Joint Stock Company has a surplus of 173 billion cubic meters of natural gas.
While western sanctions against Russia do not specifically target hydrocarbons, the conflict in Ukraine has undoubtedly led many western countries to turn to …