Russia sells gas to China at 'startling' prices; Spain increasingly dependent on Moscow

Bloomberg news agency quoted the content of the 2026 economic outlook report submitted to Russian Prime Minister Mikhail Mishustin on September 8, showing that in 2024, the average price of gas sold to China is expected to be 271 USD/1,000 m3.

Russian gas prices will be set based on crude oil prices. (Source: Reuters)

The price of gas that Moscow plans to sell to customers in Europe and Türkiye at the same time is $481 per 1,000 m3. This difference is expected to last until 2026.

The estimates shed new light on the $400 billion project between Russian gas giant Gazprom and China National Petroleum Corporation (CNPC), Gazprom’s biggest project to date, which will supply gas via the Power of Serbia pipeline.

Russian President Vladimir Putin said gas prices will be set based on crude oil prices.

This year, Russia plans to sell gas to China at an average price of $297 per 1,000 cubic meters. The price for Europe and Türkiye is $501 per 1,000 cubic meters.

Last year, Russia sold gas to China at an average price of $277 per 1,000 cubic meters. It sold gas to Europe and Türkiye at $983 per 1,000 cubic meters. Gas prices in Europe rose to record levels last year as energy supplies tightened.

* Also on September 8, data from the Spanish government showed that although Spain's total natural gas imports are decreasing, the country is increasingly dependent on Russia.

Cores - an agency of Spain's Ministry of Energy and Environment - said in a statement that gas imports from Russia increased by 65% in July compared to the same month a year earlier, while the country imported 14% less gas in the month.

As a result, Moscow's share of gas in total imports increased to 28% in July, compared to 14.5% in the same month of 2022.

Russia has become Spain's second-largest gas supplier after Algeria. Moscow pumps gas to Madrid via a pipeline across the Mediterranean.

Spain's imports from major exporting countries such as Nigeria, Norway, Qatar and the United States all fell in July.

In the first 7 months of the year, gas imports from Russia increased by 70%, accounting for 21% of total imports.

Madrid is not the only customer of Moscow's gas in the European Union (EU).

EU countries imported about 40% more liquefied natural gas (LNG) from Russia in the first seven months of this year than in the same period in 2021, before the conflict in Ukraine broke out, an analysis shows.

Source: https://baoquocte.vn/nga-ban-khi-dot-cho-trung-quoc-voi-gia-giat-minh-tay-ban-nha-ngay-cang-phu-thuoc-moscow-241616.html