Gazprom "misses" billions of dollars due to sanctions; Russian gas flows strongly to a European country

Russia is counting on the capabilities of oil giant Gazprom and the government continues to push for gas deals in Central Asia.

Mỹ tính đường bắt tập đoàn khí đốt khổng lồ Nga Gazprom chịu phạt? Vì Dòng chảy phương Bắc 2? (Nguồn: Gettyy Images)

US plans to punish Russian gas giant Gazprom? Because of Nord Stream 2? (Source: Getty Images)

Gazprom has sharply reduced Russian pipeline gas supplies to Europe in 2022 in retaliation for Western sanctions. Gas exports to Europe failed to recover last year, costing Gazprom billions of dollars in lost revenue.

According to Russian Deputy Prime Minister in charge of energy issues Alexander Novak, the government predicts that this year, Gazprom will transport 108 billion cubic meters of gas via pipeline compared to 91.4 billion cubic meters in 2023.

In an article assessing the performance of the domestic oil and gas industry published in the Energy Policy Journal, Mr. Novak said that growth in gas exports will mainly come from increased exports to China via the Power of Siberia pipeline.

Earlier this month, Gazprom announced that gas deliveries via the Power of Siberia pipeline to China had hit a “new daily record.”

Moscow's total gas volume via this route to Beijing is estimated to reach nearly 23 billion cubic meters in 2023 and is forecast to increase by another 7 billion cubic meters this year.

* In a related development, earlier, speaking in St. Petersburg, Uzbekistan's Energy Minister Zhurabek Mirzamakhmudov said that the country is preparing to sign a new gas supply agreement with Gazprom, with deliveries starting in early winter.

Under the agreement signed last year, Gazprom committed to supplying 2.8 billion cubic meters of gas via pipeline to Uzbekistan, however, this contract will expire at the end of 2024.

Authorities in Kazakhstan also expect to finalize a gas supply agreement with Russian Gas Corporation to begin delivering gas to the country's northern and northeastern regions.

Meanwhile, according to Hungarian Foreign Minister Peter Szijjarto, Gazprom has increased gas supplies to Hungary, up to 18 million cubic meters/day in January 2024, equivalent to 6.5 billion cubic meters/year.

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