Power of Siberia<\/em> pipeline, which became operational in 2019, cost $267.6 per thousand cubic meters.<\/p>\nThis price was 30% lower than the price paid by customers in Europe and T\u00fcrkiye ($376.9 per thousand cubic meters).<\/p>\n
According to data from the Ministry of Economic Development, the price of natural gas sold by Gazprom to China will decrease to $247.3 per thousand cubic meters in 2025, while it will increase to $403 per thousand cubic meters for buyers in Europe and T\u00fcrkiye. This will bring the discount to 39%, exceeding $150 per thousand cubic meters.<\/p>\n
For 2026, the government plans a smaller decrease in the natural gas price for China, down to $241.8 per thousand cubic meters.<\/p>\n
According to the ministry’s forecast, the decrease in natural gas export prices and the sharp decline in oil prices will negatively impact the economy’s foreign exchange earnings.<\/p>\n
This year, hydrocarbon sales abroad will bring the country $200 billion instead of the planned $236 billion.<\/p>\n
The ministry acknowledges that foreign exchange earnings in 2026 will be $9 billion below initial estimates.<\/p>\n
Last year, Gazprom shipped 31 billion cubic meters of natural gas to China and this year brought the Power of Siberia<\/em> pipeline to its project capacity of 38 billion cubic meters annually.<\/p>\nHowever, this amount compensates for less than 20% of the gas giant’s pre-war exports to the European Union, which reached 200 billion cubic meters at their peak.<\/p>\n
Since then, Gazprom’s shipments to Europe, once its largest market, have decreased by nearly 7 times, falling to their lowest level since the second half of the 1970s\u201428 billion cubic meters in 2023 and 32 billion cubic meters in 2024.<\/p>\n
Consequently, the powerful state-owned company Gazprom, which once aimed to reach a market value of $1 trillion, recorded the largest loss in its history in 2023 according to international accounting standards.<\/p>\n
To survive after losing its main source of export revenue, Gazprom is laying off 1.4 thousand employees at its headquarters and is effectively dissolving its export unit, Gazprom Eksport.<\/p>\n
According to Reuters, only a few people remain in this unit, and they are engaged in legal battles with former customers in Europe who have filed lawsuits against Gazprom totaling $18 billion.<\/p>\n
BCS analyst Ronald Smith estimates that the halt of transit through Ukraine will deprive Gazprom of approximately 10 billion cubic meters of exports annually.<\/p>\n
According to Smith’s forecast, the company will ship 40 billion cubic meters of natural gas to Europe and T\u00fcrkiye this year; this is 20% less than the previous year.<\/p>\n
Smith notes that Gazprom’s total exports, including shipments to China, will be 78 billion cubic meters, with no expectation of growth in the next three years.<\/p>\n
According to Gazprom’s own estimates, the total deficit in the company’s budget between 2025 and 2034 will reach 15 trillion rubles (approximately $179 billion at the current exchange rate).<\/p>\n","protected":false},"excerpt":{"rendered":"
Russia has increased the discount on natural gas sold to China to nearly 40%. According to a report by the Reuters news agency, based on the updated socio-economic development forecast prepared by Russia’s Ministry of Economic Development, the Russian government plans to further reduce the price of natural gas for China. Last year, Gazprom shipments […]<\/p>\n","protected":false},"author":1,"featured_media":9153,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"ep_exclude_from_search":false,"footnotes":""},"categories":[175],"tags":[529,9428,891,805,3915,2453,9432,441,9431,9430,4288,9429,2439,683,409],"class_list":["post-9152","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-diplomacy","tag-china","tag-discount","tag-europe","tag-european-union","tag-exports","tag-forecast","tag-foreign-exchange-earnings","tag-gazprom","tag-hydrocarbon-sales","tag-ministry-of-economic-development","tag-natural-gas","tag-power-of-siberia","tag-price","tag-russia","tag-turkiye"],"yoast_head":"\n
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