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Gazprom CEO: Gas Exports To China Up 67% This Year

CHINA-RUSSIA

Speaking at the St Petersburg International Economic Forum, Gazprom CEO Alexey Miller states that the firm's gas exports to China are up 67% in the first five months of this year. Adds that using Russian gas 'means energy stability for Russia's friends'.

  • The announcement of increasing supply of gas from Russia to China feeds into the positive rhetoric emerging from Moscow and Beijing over the past 24 hours about improving relations between the two nations following call between Presidents Xi and Putin yesterday.
  • Over the long term, pivoting gas export away from Europe and towards Asia may prove the most productive route for Moscow, given the EU's efforts to develop plans for a major drawdown in reliance on Russian gas over the coming years.
Chart 1. Existing and Future Russian Gas Exports to Asia

Source: Center for Strategic and International Studies, Kpler, Bloomberg

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