Page 195 - RusRPTAug24

also prohibited investments, and the provision of goods and services to complete the Arctic LNG 2 and Murmansk LNG projects.
Increase in Piped Gas to EU
Supplies of Russian piped gas to Europe in the first half of 2024 increased by 7% y/y but remain 75% below 2021 levels, according to a report by the IEA. "Russia’s piped gas supplies to Europe increased by an estimated 7% (or 1.5 bcm) y/y in H1 2024, albeit remaining 75% below their 2021 levels," the report says.
Gas supplies from Russia to the European Union via pipeline increased by more than 10% (or by more than 1bn cubic metres), and exports to Turkey increased by 2.5% in the first five months of 2024. However, the share of Russian piped gas in Europe's total gas demand in the first half of the year still remained below 10%, the IEA says.
In 2024, supplies of Russian piped gas to OECD countries in Europe may grow by more than 5%, the agency expects. Earlier, the IEA reported that Russian pipeline gas supplies to Europe (including Turkey) in 2023 fell to their lowest level since the early 1970s and amounted to an estimated 45bn cubic metres.
Surge in Russian Gas to China
Supplies of Russian piped gas to China via the Power of Siberia pipeline increased by 35% y/y in the first half of 2024, according to a report by the IEA on the gas market. "Russia’s piped gas exports to China via Power of Siberia grew by an estimated 35% y/y in H1 2024, with total deliveries for the full year expected to reach over 30 bcm," the report says.
In early May, Gazprom reported that since the beginning of 2024 it had significantly increased gas supplies to China via the Power of Siberia, exceeding the volumes for the same period last year by 37.4%.
In 2023, Gazprom increased gas supplies to China via the Power of Siberia by 1.5 times, to 22.7bn cubic metres, which is 700mn cubic metres above contractual obligations.
Future Prospects and Capacity
Power of Siberia is the largest gas transportation system in eastern Russia. Its export capacity of 38bn cubic metres of gas per year is expected to be reached in 2025. Moreover, in the coming years, the total volume of Gazprom exports to China is expected to reach 48bn cubic metres of gas per year (due to the implementation of a project for gas supplies to China via the Far Eastern route), and taking into account the transit gas pipeline through Mongolia - almost 100bn cubic metres per year, Gazprom CEO Alexey Miller said earlier.
195 RUSSIA Country Report August 2024 www.intellinews.com