China Considers 38Bln Cubic Meters of Russian Gas Supplies Sufficient

© REUTERS / Maxim ShemetovMen speak near the pavilion of Gazprom company at the St. Petersburg International Economic Forum 2015 (SPIEF 2015) in St. Petersburg, Russia, June 18, 2015
Men speak near the pavilion of Gazprom company at the St. Petersburg International Economic Forum 2015 (SPIEF 2015) in St. Petersburg, Russia, June 18, 2015 - Sputnik International
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Russian energy giant Gazprom's management committee deputy chairman, Vitaly Markelov, said that company could deliver the 38 billion cubic meters (1.34 million Btu) of gas per year through the Power of Siberia gas pipeline.

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MOSCOW (Sputnik) — China considers the 38 billion cubic meters (1.34 million Btu) of gas per year set to be supplied by Russia via the Power of Siberia gas pipeline sufficient to meet demand, Russian energy giant Gazprom's management committee deputy chairman, Vitaly Markelov, said.

In 2014, Gazprom signed a 30-year agreement with the China National Petroleum Corporation (CNPC) for annual deliveries of 38 billion cubic meters of Russian gas through the eastern route pipeline, formally known as the Power of Siberia.

"In case of interest from the Chinese side, we can increase the value of gas supplied along the route. However, the Chinese side admits that the currently agreed volume is sufficient to satisfy both existing and forecast demand for imports of Russian gas along this route," Markelov said in an interview published in Gazprom's corporate journal.

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Talks on gas pricing with the CNPC have been complicated by the corporation's insistence on the possibility of switching to liquefied natural gas, which Gazprom has recently lost its monopoly over.

The Power of Siberia is scheduled to begin supplying gas sometime between May 2019 and May 2021, starting from 5 billion cubic meters per year and gradually rising. The pipeline, which is currently under construction, will span over 4,500 kilometers (2,800 miles) and will be serviced by nine compressor stations.

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