Gazprom recognizes that the future lies with Asia
Vice Chairman of the Board of Gazprom, Alexander Medvedev, said that his company was eager to shift to markets in the Asia-Pacific region during a press conference on June 16. RBTH reports:
Gazprom's resource base is sufficient to meet Chinese gas demand, which is estimated to be around 100 billion cubic meters annually, Medvedev said at the press conference, according to Vedomosti. “That’s a conservative forecast,” he stressed.
Gazprom expects to sign the documents on the price of gas supplies to China via the Western Route, by which it plans to supply 30 billion cubic meters per year. Gazprom and CNPC signed an agreement on the supply via this route in May 2015. A year earlier, a 30-year contract was signed on gas supplies to China via the Eastern Line, through the Power of Siberia pipeline.
Medvedev said Asia’s third largest economy was also of great interest to the company. “We consider India as very promising,” Medvedev said. He added that Gazprom contracted volumes of LNG for deliveries to India, and the company sees great potential in this direction.
Earlier this month, Russian Energy Minister Alexander Novak spoke about the possibility of implementing a project to build a pipeline to supply gas to India.
According to Medvedev, Gazprom expects Japan to be one of the target markets for liquefied natural gas (LNG) supplies, RIA Novosti reports.
Gazprom is building today two plants in the Russian Far East, which geographically simplify the supply of LNG to the Asia-Pacific region (Vladivostok LNG and the third phase of the Sakhalin-2 plant), and considers the prospects for increasing exports to Japan.
Asia is certainly a promising market — and most likely far less litigious than Russia's "European partners."
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