MOSCOW - Kremlin-owned energy kingpin Gazprom, once Russia's most profitable company, could face a long period of poor performance as it struggles to fill the gap of lost European gas sales with its domestic market and Chinese exports.
Russia supplied a total of around 63.8 billion cubic metres of gas to Europe by various routes in 2022, according to Gazprom data and Reuters calculations. The volume decreased further, by 55.6%, to 28.3 bcm last year. It plans to reach the 38 bcm annual capacity of Power of Siberia by the end of this year, while Moscow and Beijing also agreed in 2022 about exports of 10 bcm from the Pacific island of Sakhalin.
Taking into account a price of $286.9 per 1,000 cubic metres, as reported by the Russian economy ministry, and Gazprom's gas exports of 22.7 bcm last year, the total value of the company's gas sold to China could have reach $6.5 billion for the whole of 2023.Dr Michal Meidan, head of China Energy Research at Oxford Institute for Energy Studies, said China is unlikely to replace Europe for Russia as a highly profitable gas export market.In 2023, Russian pipeline gas was sold at $6.
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